Morning Commentary: Hoegh LNG Partners to sell preferred units; Stifel’s new deal nears par

By Stephanie N. Rotondo

Seattle, Sept. 28 – Yet another deal was added to the preferred stock market calendar on Thursday, a $50 million offering of series A cumulative redeemable preferred units from Hoegh LNG Partners LP.

Price talk is 8.75% to 8.875%, according to a market source.

Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel Nicolaus & Co. Inc. are the joint bookrunners.

As for deals that have already priced, Stifel Financial Corp.’s $200 million of 5.2% $25-par notes due 2047 – a deal that priced late Wednesday – were seen at $24.95 bid, par offered in early Thursday trading.

The issue was not yet free to trade.

The deal came tighter than the 5.25% to 5.75% price talk and was also upsized from $100 million.

Keefe Bruyette & Woods Inc., BofA Merrill Lynch and Morgan Stanley ran the books.

From Tuesday’s business, Horizon Technology Finance Corp.’s $32.5 million of 6.25% $25-par notes due 2022 continued to do well, trading at $25.20 bid in early dealings, according to a trader.

Keefe Bruyette & Woods was the bookrunner on the deal.

Spirit Realty Capital Inc.’s $150 million of 6% series A cumulative redeemable preferreds – another deal priced Tuesday – were meantime seen slipping a nickel to $24.95.

The issue freed to trade on Wednesday and has a temporary ticker, “SPRYP.”

The deal came in line with price talk. The sale marks the company’s first entry into the world of preferred stock.

Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities LLC ran the books.

© 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.