KKR doubles size of preferred units sale; STAG Industrial prices; SoCal Edison, eBay list

By Stephanie N. Rotondo

Seattle, March 10 – The preferred stock market kicked out another deal on Thursday, as KKR & Co. LP priced a $300 million offering of series A noncumulative perpetual units.

Price talk was around 6.75%, according to a market source. The deal was upsized from $150 million.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC ran the deal.

At pricing, a trader saw the issue at $24.60 bid, $24.65 offered.

Meanwhile, STAG Industrial Inc. priced $75 million of 6.875% series C cumulative redeemable preferreds.

That issue was first announced on Wednesday. It came via Morgan Stanley, BofA Merrill Lynch, Raymond James and Wells Fargo.

A trader saw the paper at $24.65 bid in early trading.

Among recently priced deals, both Southern California Edison Co.’s SCE Trust V’s $300 million of 5.45% fixed-to-floating rate trust preference securities and eBay Inc.’s $750 million of 6% $25-par notes due Feb. 1, 2056 listed on Thursday.

The Southern California Edison deal was admitted to the New York Stock Exchange under the ticker symbol “SCEPK.” The issue – which priced March 1 – was trading at $25.82 at mid-morning, but closed at $25.97.

The paper opened at $25.58.

The eBay notes – priced Feb. 22 – listed on the Nasdaq Global Select Market under the ticker “EBAYL.” Those were seen at $24.88.

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