GM Financial, EnLink price $1,000-par deals; Colony, Urstadt new issues free to trade

By Stephanie N. Rotondo

Seattle, Sept. 14 – The preferred stock primary market was starting to quiet down on Thursday following a busy week of issuance.

However, two new $1,000-par issues were priced.

General Motors Financial Co. Inc. priced $1 billion of 5.75% $1,000-par series A fixed-to-floating rate cumulative preferreds late Wednesday.

Come Thursday, the new preferreds were trending upward.

After the bell, EnLink Midstream Partners LP brought a $400 million offering of 6% $1,000-par series C fixed-to-floating rate cumulative redeemable perpetual preferred units.

The deal was upsized from $300 million. Price talk was 6.25%.

From Wednesday’s business, Colony NorthStar Inc.’s $275 million of 7.125% series J cumulative redeemable preferreds freed to trade, getting a temporary symbol of “CNYYP.”

The issue ended at $24.80, which was unchanged day over day. However, 4.66 million shares were exchanged on the day.

The deal came upsized from $100 million and in line with the 7.125% price talk.

The company intends to use proceeds from the deal to redeem some or all of its 8.25% series B cumulative redeemable preferreds (NYSE: CLNSPrB) and its 8.875% series C cumulative redeemable preferreds (NYSE: CLNSPrC).

Meanwhile, Urstadt Biddle Properties Inc.’s $100 million of 6.25% series H cumulative redeemable preferred stock was doing well, rising 22 cents to $25.10.

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