Chimera taps market; Land O’Lakes preps offering; American Homes, Seaspan under par

By James McCandless

San Antonio, Sept. 13 – The preferred market was dominated by new issues on Thursday.

Chimera Investment Corp. priced an upsized $250 million of $25-par 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock.

The deal was announced Thursday morning at an initial size of $100 million and came in at the tight end of talk for a dividend between 7.75% and 7.875%.

There is a $37.5 million greenshoe.

Meanwhile, Land O’Lakes Inc. was expected to sell $200 million of series C cumulative redeemable preferred stock.

In the secondary market, American Homes 4 Rent’s new $100 million of 6.25% series H cumulative perpetual preferreds ended below par.

The preferreds, trading under the temporary symbol “AMHRP,” were seen ending at $24.93 on volume of about 1.7 million shares.

Seaspan Corp.’s new $150 million of 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares also traded under par.

The preferreds, trading under the temporary symbol “SSWPP,” ended at $24.75 with about 987,000 shares trading.

And Annaly Capital Management Corp.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock declined.

The preferreds (NYSE: NLYPrF) were down 16 cents to close at $25.35 on volume of about 287,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% at market close.

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