| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Seaspan Corp. > News item |
Morning Commentary: Summit Hotel, BOK add deals to calendar; pipeline expected to flow steadily
By Stephanie N. Rotondo
Seattle, June 20 – The preferred stock primary market was starting to pick up once again on Monday, as two new deals were announced.
Additionally, a trader said he was hearing there could be four to six more new issues coming during the week.
As for Monday’s session, Summit Hotel Properties Inc. said it was selling series D cumulative redeemable preferred stock.
Price talk was 6.5%, a market source reported.
“That’s a little light on yield for me,” he said.
The Austin, Texas-based real estate investment trust plans to use the proceeds for general corporate purposes, which may include the redemption of the 9.25% series A cumulative redeemable preferreds (NYSE: INNPA).
That issue becomes callable Oct. 28.
In Monday trading, the paper was off a dime at $25.74.
Meanwhile, BOK Financial Corp. announced a $100 million offering of 40-year $25-par subordinated notes.
The issue is non-callable for five years, and price talk is 5.5% to 5.625%.
The Tulsa-based financial holding company will use the proceeds to help fund a $102.5 million cash payout to shareholders of MBT Bancshares upon closing of a planned acquisition of the company.
Among recent issues, Seaspan Corp.’s $115 million of 8.2% series G cumulative redeemable preferreds began trading on the New York Stock Exchange on Monday.
The ticker is “SSWPG.”
The preferreds were trading at $24.99 at mid-morning, down from par at the open.
The company sold $100 million of the preferreds on June 9. A $15 million greenshoe was exercised on June 16, lifting total issuance to $115 million.
© 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.