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SoCal Edison’s SCE Trust, Compass Diversified sell new issues; Maiden paper lists on NYSE
By Stephanie N. Rotondo
Seattle, June 19 – The preferred stock primary market had two new deals come to market on Monday.
Southern California Edison Co.’s SCE Trust VI brought a $475 million offering of 5% series L trust preference shares, upsizing the amount from $200 million.
The distribution rate priced tight to initial price talk in a 5.125% to 5.25% range.
The preference shares were quoted at $24.90 bid, $24.95 offered just prior to pricing.
The company plans to use the proceeds to redeem some or all of its 5.625% series F trust preference shares (NYSE: SCEPrF).
Those shares were off 5 cents at $25.14.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and Wells Fargo Securities LLC ran the books.
Meanwhile, Compass Diversified Holdings LLC priced its first issue of preferred stock, selling $100 million of 7.25% series A preferreds.
BofA Merrill Lynch and UBS Securities LLC were the joint bookrunners.
The preferreds have a fundamental change feature, in which the company is required to make an offer to repurchase the issue. If it fails to do so within 31 days, the dividend increases by 5%.
Proceeds will be used to pay down debt and for general corporate purposes.
As for recently priced issues, Maiden Holdings Ltd.’s $150 million of 6.7% series D noncumulative preference shares – a deal priced June 8 – began trading on the New York Stock Exchange on Monday.
The ticker symbol is “MHPrD.”
The paper closed at $25.26, up from $25.24 at the open.
The issue was at $25.32 at mid-morning.
The deal was upsized from $100 million, and the yield came on the tight side of the 6.75% price talk.
BofA Merrill Lynch, Morgan Stanley and UBS Securities were the joint bookrunners.
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