NuStar’s new preferred units free to trade; Qwest notes get symbol; American Homes lists

By Stephanie N. Rotondo

Seattle, April 26 – Preferred stock investors continued to eye recently priced issues in midweek trading.

NuStar Energy LP’s $350 million of 7.625% series B fixed-to-floating rate cumulative redeemable preferred units – a deal priced Tuesday – had already freed to trade by mid-morning on Wednesday, according to a trader.

He also said that the paper had been assigned a temporary ticker symbol, “NUSRP.”

The trader said the units were trading “around $25.25, in decent size.”

The paper finished at that level, which compared to $25.17 at the open.

Wells Fargo Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners.

Distributions will be fixed until June 15, 2022, at which point the rate will float at Libor plus 564.3 basis points.

Meanwhile, Qwest Corp.’s $575 million of 6.75% $25-par notes due 2057 – a deal priced April 18 – was also assigned a symbol, a trader reported.

However, he was not sure if the ticker was to be the actual listing or if it was a temporary symbol. The symbol is “CTDD.”

The notes were seen trading at $24.85 in early dealings.

As was expected, American Homes 4 Rent’s $150 million of 5.875% series F cumulative redeemable preferreds officially listed on the New York Stock Exchange under the ticker “AMHPrF.”

That issue finished the day at $24.73, which compared to $24.72 at the open.

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