Cedar Realty reopens 6.5% preferreds in $50 million tap; market dips; Kimco Realty up

By Cristal Cody

Tupelo, Miss., Dec. 13 – Cedar Realty Trust, Inc. priced a $50 million add-on to its 6.5% series C cumulative redeemable preferred stock (NYSE: CDRPrC) on Wednesday at $25.00 per share. The company sold 2 million shares in the deal, which also includes a greenshoe of 300,000 shares.

Cedar Realty Trust’s 6.5% preferreds headed out in trading 35 cents, or 1.4%, weaker at $24.72.

Otherwise, primary action was muted with preferreds overall weaker on the day.

The Wells Fargo Hybrid and Preferred Securities index dropped 17 basis points.

The U.S. iShares Preferred Stock ETF closed off 11 bps.

The “market index was off about 17 bps for the day,” a source said. “Volume was toward the light side.”

The session saw a “big trade” of about 2 million shares in Morgan Stanley’s series A perpetual floating-rate non-cumulative preferred stock (NYSE: MSPrA), with portfolio realignment likely driving the activity, a source said.

The preferreds went out unchanged on the day at $22.90.

The series A preferred stock has a 52-week trading high of $24.50 and a year low of $21.81.

In new issue trading, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares climbed 27 cents, or 1.09%, to $24.95 in over-the-counter trading. The preferreds are trading under the temporary symbol “KMCCP.”

The company sold $230 million of the $25-par class M perpetual preferreds on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.