Summit Hotel sells $160 million preferreds; Star Bulk in primary; preferreds mixed

By Cristal Cody

Tupelo, Miss., Nov. 2 – Summit Hotel Properties Inc. priced $160 million of 6.25% series E cumulative redeemable preferred shares on Thursday.

The company plans to apply to list the preferreds on the New York Stock Exchange under the symbol “INNPrE”.

The preferreds were freed to trade over the counter under the temporary symbol “SMYYP” on Thursday afternoon.

In other pricing action, Star Bulk Carriers Corp. sold $50 million of 8.3% $25-par senior notes due Nov. 15, 2022.

Star Bulk has applied to list the notes on the Nasdaq Global Select Market.

In the broader market, preferreds were mixed going out.

The Wells Fargo Hybrid and Preferred Securities index closed up 11 basis points.

The U.S. iShares Preferred Stock ETF was down less than 1 bp.

In trading over the session, Summit Hotel Properties’ existing preferreds were mixed.

Summit Hotel Properties’ 6.45% series D cumulative redeemable preferreds (NYSE: INNPrD) rose 19 cents, or 0.74%, to $25.79. The preferred stock was seen over the morning down 8 cents, or 0.31%, at $25.52.

The company’s 7.125% series C cumulative redeemable preferreds (NYSE: INNPrC) fell 2 cents, or 0.08%, to $25.60. The preferreds traded earlier in the day unchanged.

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