EPR Properties brings upsized $150 million preferreds; JMP Group prices $25-par notes

By Cristal Cody

Tupelo, Miss., Nov. 20 – EPR Properties priced an upsized $150 million of split-rated cumulative redeemable perpetual preferred shares on Monday.

The preferreds were freed to trade over the counter late afternoon under the temporary symbol “EPRRP.”

Also in the primary market, JMP Group Inc. sold $50 million of $25-par 10-year senior notes.

Preferred stocks closed the session mostly stronger.

The U.S. iShares Preferred Stock ETF closed up 36 basis points.

The Wells Fargo Hybrid and Preferred Securities index rose 23 bps.

Two Harbors Investment Corp.’s $275 million of 7.25% series C fixed-to-floating rate cumulative redeemable preferred stock that priced on Thursday closed off 12 cents, or 0.48%, at $24.88 in over-the-counter trading under the temporary symbol “TWWHP.”

Two Harbors plans to apply to list the securities on the New York Stock Exchange under the symbol “TWOPrC.”

EPR Properties upsizes

EPR Properties priced an upsized $150 million of split-rated 5.75% $25-par series G cumulative redeemable perpetual preferred shares (Baa3/BB/BB) on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The offering of 6 million shares was upsized from $100 million.

BofA Merrill Lynch, RBC Capital Markets, LLC, Stifel, Nicolaus & Co., Inc. and Raymond James & Associates, Inc. were the bookrunners.

EPR Properties plans to list the preferreds on the NYSE under the symbol “EPRPrG.”

Proceeds will be used to redeem all of the company's outstanding 6.625% series F preferred shares with an aggregate liquidation preference of $125 million. Any remaining proceeds will be used for general business purposes.

EPR Properties is a Kansas City, Mo.-based real estate investment trust.

JMP Group prices $25-pars

JMP Group priced $50 million of 7.25% $25-par 10-year senior notes (Egan-Jones: BBB) on Monday, according to an FWP filing with the SEC.

UBS Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.

The issue is unconditionally guaranteed by parent companies JMP Group LLC and JMP Investment Holdings LLC.

The company plans to list the notes on the NYSE for trading within 30 days of issuance.

Proceeds will be used to redeem some or all of the company’s outstanding 7.25% senior notes due 2021 or 8% senior notes due 2023 or both and for general corporate purposes.

JMP Group is a capital markets firm and asset manager based in San Francisco.

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