Legg Mason prices upsized junior notes offering; Landmark comes with preferred units

By Stephanie N. Rotondo

Seattle, Aug. 3 – Two more new issues were added the preferred stock calendar on Wednesday, with Legg Mason Global Asset Management’s proposed offering of $25-par junior subordinated notes due 2056 and Landmark Infrastructure Partners LP’s planned sale of series B cumulative redeemable preferred units.

Both deals priced before the close, coming upsized.

The market was also still waiting for Medley LLC’s $25 million sale of $25-par unsecured notes due Aug. 15, 2026 to price.

A market source said the deal could come Thursday, though it was originally expected to price Wednesday afternoon.

Among established issues, Freddie Mac’s 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) were slightly weaker after the mortgage giant reported earnings on Tuesday.

The preferreds dipped 5 cents, or 1.16%, to $4.25.

For the second quarter, Freddie reported a profit of $993 million – well below the $4.17 billion profit posted a year ago.

Legg Mason Global Asset Management priced $500 million of 5.45% $25-par junior subordinated notes due 2056 on Wednesday.

The deal came upsized from $150 million. Price talk was in the 5.625% area, according to a market source.

Around midday, Landmark Infrastructure Partners announced plans to sell $25 million of series B cumulative redeemable preferred units.

The deal priced a few hours later, coming upsized at $40 million. The units were priced at par to yield 7.9%.

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