Teekay Offshore, Saul Centers price new offerings; AmTrust’s decline continues

By Abigail W. Adams

Portland, Me., Jan. 16 – The preferred stock primary market was active Tuesday with two new deals pricing after the market close on Tuesday.

Teekay Offshore Partners LP priced $115 million, or 4.6 million units, of 8.875% perpetual series E fixed-to-floating rate cumulative redeemable preferred units at par of $25.

Morgan Stanley & Co., UBS Securities, J.P. Morgan Securities, and Stifel, Nicolaus & Co. were joint bookrunners for the offering, which carries a greenshoe of $17.25 million, or 690,000 units, according to the deal’s term sheet.

The Hamilton, Bermuda-based provider of marine transportation, oil production, storage, long-distance towing and off-shore installation maintenance and safety services to the oil industry’s outstanding preferred stock declined during Tuesday’s session.

Teekay’s 7.25% series A cumulative perpetual redeemable preferred stock slipped about 64 cents, or 2.68%, to end the day at $23.0987.

Teekay’s 8.5% series B cumulative perpetual redeemable preferred units slipped 51 cents, or 2.04%, to end the day at $24.49.

Saul Centers, Inc. priced $75 million of 6.125% series D cumulative redeemable preferred stock after the market close.

Raymond James, RBC Capital Markets, Stifel, Nicolaus & Co., B. Riley FBR and D.A. Davidson & Co. were joint bookrunners for the offering, which carries a $11.25 million greenshoe.

In the secondary market, AmTrust Financial Services Inc.’s series A-F preferred stock continued to nosedive.

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