Midday Commentary: PartnerRe plans sale of noncumulatives; Miller Energy brings best-efforts deal

By Stephanie N. Rotondo

Phoenix, Feb. 11 - The preferred stock new issue calendar was lining up deals on Monday.

PartnerRe Ltd., a Pembroke, Bermuda-based reinsurance company, said it was planning to issue at least $150 million of series F noncumulative redeemable preferreds. Price talk was originally 6% to 6.125% but was then revised to 5.875%, according to a trader.

The trader saw a less 17-cent bid for paper in the gray market at midday.

Meanwhile, Miller Energy Resources Inc. announced a best-efforts follow-on offering of its 10.75% series C cumulative redeemable perpetual preferreds (NYSE: MILLPC). On the news, the preferred shares were trading down 40 cents, or 1.7%, to $23.10.

A trader said that a new $100-par deal from International Shipholding Corp. was also coming via a best-efforts marketing.

"It's a small little company," he said, noting that he had not seen any markets for the new issue. "It's like if you want it, go get some."

In other recent issues, General Growth Properties Inc.'s $250 million of 6.375% series A cumulative redeemable preferreds - a deal that priced Wednesday - was pegged at $24.85 bid, $24.92 offered, while Selective Insurance Group Inc.'s $175 million issue of 5.875% $25-par senior notes due 2043 were holding at $24.90 bid, $24.95 offered.

The Selective issue came on Tuesday.

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