Braemar taps market; GasLog’s recent preferred shares move higher; JPMorgan declines

By James McCandless

San Antonio, Nov. 13 – The preferred space saw moderate trading volume and mixed results as a new deal came to market.

Braemar Hotels & Resorts, Inc. priced $40 million of $25-par series D cumulative perpetual preferred stock at par with a dividend of 8.25%. There is a $6 million greenshoe.

Morgan Stanley & Co. LLC, UBS Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.

In the secondary, GasLog Partners LP’s $100 million 8.5% series C cumulative redeemable perpetual fixed-to-floating rate preference units traded up. The preferreds, trading under the temporary symbol “GLOUF,” were up 4 cents to close at $24.50 on volume of about 522,000 shares.

Elsewhere in the energy sector, Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units declined. The preferreds (NYSE: TOOPrA) were down 69 cents to close at $16.27 with about 194,000 shares trading.

The finance space saw losses in JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock. The preferreds (NYSE: JPMPrD) were down 4 cents to close at $24.89 on volume of about 255,000 shares.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the session higher. The preferreds (NYSE: ALLYPrA) were up 9 cents to close at $25.99 with about 253,000 shares trading.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.