Hancock’s $25-par notes issue upsized to $150 million; JPMorgan calls capital securities

By Stephanie N. Rotondo

Phoenix, March 2 – The new week kicked off with a new deal in the preferred stock market on Monday.

Hancock Holding Co., the holding company of Whitney Bank, said it was selling at least $100 million of $25-par subordinated debt securities due 2045.

The issue priced as an upsized $150 million deal at par to yield 5.95%.

Price talk was initially in the 6.125% area, a trader said, seeing the paper at $24.85 bid in the early gray market. But talk was later revised to 6%, and the issue was seen at $24.90 in the gray.

“They are kind of a new issuer in our area,” the trader noted.

Morgan Stanley & Co. LLC is the bookrunner.

Meanwhile, JPMorgan Chase & Co. announced late Friday that it was redeeming all of its outstanding $1.5 billion of 6.7% series CC capital securities (NYSE: JPMPC).

The redemption will take place April 2 at a price of par plus accrued dividends. The call will be funded with available cash.

The securities closed off 6 cents at $25.39.

Among the bank’s other issues, the 6.125% series Y noncumulative preferreds (NYSE: JPMPF) rose 2 cents to $25.14. The issue dominated trading, with about 1.5 million shares being exchanged.

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