Morning Commentary: LaSalle Hotel Properties preferreds sink; MetLife edges lower; Enstar eyed

By James McCandless

San Antonio, June 20 – LaSalle Hotel Properties’ 6.3% series J cumulative redeemable preferred shares saw increased volume in early trading with about 110,000 shares exchanged.

On Monday the company accepted Blackstone Group’s $4.8 billion takeover bid.

The preferreds (NYSE: LHOPrJ) were down 14 cents to $25.25.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares saw about 75,000 shares trading.

The preferreds (NYSE: METPrE) were down 1 cent to $25.35.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% in early trading, adding to the 0.05% loss at the market close on Tuesday.

Meanwhile, the market awaited developments in the expected pricing of Enstar Group Ltd.’s $25-par series D fixed-to-floating rate perpetual non-cumulative preference shares.

As previously reported, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Barclays and HSBC Securities (USA) Inc. are the joint bookrunners.

The preference shares are callable after 10 years.

© 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.