IberiaBank adds preferred deal to calendar; Huntington Bancshares prices; Hercules up

By Stephanie N. Rotondo

Seattle, May 3 – The preferred stock market’s primary space began to show signs of life on Tuesday as IberiaBank Corp. announced a new deal and Huntington Bancshares Inc. priced an add-on offering.

IberiaBank, a Lafayette, La.-based bank, said it was selling series C fixed-to-floating rate noncumulative perpetual preferreds. The issue was being talked around 6.625%, according to a market source.

The source said he had yet to see any markets for the new issue. However, the bank’s 6.625% series B fixed-to-floating rate noncumulative perpetual preferreds (Nasdaq: IBKCP) were initially off a dime at $25.56 in early trading. The preferreds managed to claw back a little bit, ending the session off 2 cents at $25.64.

Pricing details were not available as of press time.

Keefe Bruyette & Woods Inc. and BofA Merrill Lynch are running the books.

Meanwhile, Huntington Bancshares said it sold an additional $200 million of its 6.25% series D noncumulative perpetual preferred stock (Nasdaq: HBANO) on Tuesday.

Hercules Capital Inc. said Tuesday that its underwriters had exercised $7.5 million of a $9.8 million greenshoe included in the company’s $65.4 million add-on offering done April 21.

Prior to the add-on, there was $103 million of the 6.25% $25-par notes due 2024 (NYSE: HTGX) notes outstanding. Including the add-on and the exercised over-allotment option, the total outstanding amount is $175.9 million.

The notes closed at $24.98 on Tuesday, up 7 cents.

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