Apollo prices $300 million preferreds; CHS in focus; GCI Liberty active; QTS Realty up

By Abigail W. Adams

Portland, Me., March 12 – The primary market stands poised for another busy week with the pricing of a new preferred stock offering after the market close on Monday.

Apollo Global Management LLC priced $300 million, or 12 million shares, of $25-par series B non-cumulative perpetual preferred shares after the market close on Monday with a dividend of 6.375%.

Price talk had been for a dividend in the 6.375% area with the initial size of the deal $150 million.

After a lull in activity for much of February, the primary market saw an uptick in activity last week with several new deals pricing. Some of those recently priced deals were active during Monday’s session.

GCI Liberty, Inc.’s newly issued series A cumulative redeemable preferred shares saw high-volume trading early Monday. The preferred shares, which trade under the ticker “GLIBP,” were seen at $22.75 at the market close.

QTS Realty Trust Inc.’s recently priced 7.125% series A cumulative redeemable perpetual preferred stock was up on Monday. The preferred stock, which freed to trade for OTC market business under the ticker “QTTRP,” closed the session at $24.78, an increase of 3 cents or 0.12%.

Long-standing preferreds from CHS Inc. were in focus on Monday and losing ground in active trading.

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