CorEnergy, Harvest deals price; Del Monte offering deferred; City National bought by RBC

By Stephanie N. Rotondo

Phoenix, Jan. 22 – There continued to be signs of life in the primary preferred stock market on Thursday.

CorEnergy Infrastructure Trust Inc. brought a $50 million offering of 7.375% series A cumulative redeemable preferred stock.

The deal was led by Wells Fargo Securities LLC, BofA Merrill Lynch and Stifel Nicolaus & Co. Inc.

Just prior to pricing, a trader said the new issue was offered at par in the gray market.

Harvest Capital Credit Corp. meantime sold $25 million of 7% $25-par notes due 2020.

The notes came in line with price talk.

However, market sources said there were no markets for the new securities.

Keefe Bruyette & Woods Inc. and Janney Montgomery Scott LLC were the joint bookrunning managers. JMP Securities LLC and William Blair & Co. LLC were co-managers.

The pipeline was lighter by one deal, however, as Del Monte Pacific Ltd. said it had nixed its planned $360 million offering of preference shares – at least for the time being.

The company cited current market conditions as its reason for putting the new issue on hold. The deal could be back on the table once conditions improve.

In the secondary market, City National Corp. and American Realty Capital Properties Inc. were the in the news, causing some upward movement in their preferred issues.

City National’s preferreds were “all jumping,” a trader said, on news the Los Angeles-based bank was being bought by Royal Bank of Canada for $5.4 billion.

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