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Morning Commentary: QTS Realty Trust offering on tap; recent preferred stock deals weaken
By Abigail W. Adams
Portland, Me., March 8 – The primary market has been active in the preferred space with a new preferred stock offering in the pipeline.
QTS Realty Trust Inc. launched an offering of $25-par perpetual series A cumulative redeemable preferred stock on Wednesday, according to a 424B5 filing with the Securities and Exchange Commission.
The offering from the Chicago-based real estate investment trust that invests in carrier-neutral data centers is still in the works.
While the primary market prepares new paper, recently priced preferred stock deals were both seen trading down early Thursday.
1347 Property Insurance Holdings Inc.’s 8% series A perpetual cumulative preferred stock traded down to $24.60, a decrease of 15 cents or 0.41%, early in Thursday’s session.
1347 Property Insurance priced an offering of $16 million, or 640,000 shares, of 8% series A perpetual cumulative preferred stock at $25.00 per share on Feb. 23. It was the first new issue of preferred stock since volatility hit the markets in late January.
The preferred stock from the Tampa, Fla.-based insurance holding company freed for trade on the OTC market under the temporary ticker “PPNSP.” The preferred stock will be listed on Nasdaq under the ticker “PIHPP.”
Compass Diversified Holdings’ recently priced 7.875% series B fixed-to-floating rate cumulative preferred shares were also down early Thursday. The preferreds traded down to $24.55, a decrease of 10 cents, or 0.20%, early in the session.
Compass priced $100 million, or 4 million shares, of the $25-par series B cumulative preferred stock on Tuesday.
The preferred stock from the trust of the Westport, Conn.-based limited liability company that acquires and manages small and middle-market businesses freed to trade on OTC markets under the temporary ticker “CMPDP.”
It will be listed for trade on the New York Stock Exchange under the ticker “CODIPrB.”
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