Armada Hoffler, Voya sells preferreds; Great Elm prices $25-par notes; Athene lower

By James McCandless

San Antonio, June 11 – The preferred secondary market was broadly lower on Tuesday amid more rumblings in the primary space.

Armada Hoffler Properties, Inc. priced a $55 million offering of $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 6.75%.

There is an $8.25 million greenshoe.

Voya Financial, Inc. priced an upsized $300 million offering of $25-par series B fixed-rate reset non-cumulative preferred stock at par with an initial dividend of 5.35%.

The deal, announced Tuesday morning, was upsized from an initial $200 million and came in under talk for an initial dividend between 5.625% and 5.75%.

Great Elm Capital Corp. sold a $40 million offering of $25-par notes (Egan-Jones: BBB) due June 30, 2024 at par with a coupon of 6.5%.

There is a $6 million greenshoe.

In the secondary, Athene Holding Ltd.’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares finished lower.

The preferreds, trading under the temporary symbol “ATHDF,” were down 10 cents to close at $26.00 on volume of about 564,000 shares.

Elsewhere, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds also slipped.

The preferreds (NYSE: DUKPrA) fell 6 cents to close at $26.34 with about 474,000 shares trading.

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