UMH to price new deal; Teekay, Saul Centers free to trade; GasLog going strong

By Abigail W. Adams

Portland, Me., Jan. 17 – The primary market for preferred stock remains active with UMH Properties Inc. planning to price 2 million shares, or $50 million, of $25 par series D cumulative redeemable perpetual preferred stock.

BMO Capital Markets and Stifel, Nicolaus & Co. are joint bookrunners for the offering, which carries a greenshoe of $7.5 million, or 300,000 shares.

UMH’s existing 8% series B preferred stock was down about 2 cents, or 0.06%, at $27.08 on Wednesday. The 6.75% series C preferred stock was down 19 cents, or 0.76%, to $26.10.

Among recent deals, Teekay Offshore Partners LP 8.875% series E fixed-to-floating rate cumulative redeemable preferred units freed for OTC trading Wednesday under the temporary ticker “TEOZF.”

The units, which priced after the market close on Tuesday at par of $25, closed Wednesday at $24.65.

Saul Centers Inc. 6.125% series D cumulative redeemable preferred stock also freed for OTC trading Wednesday.

The depositary shares began trading under the temporary ticker “SAUZP” in the late afternoon and had no recorded trades at market close.

GasLog Partners LP’s 8.2% series B cumulative redeemable perpetual fixed-to-floating rate preference units continue to go strong, as the underwriters exercised their greenshoe option, lifting the size of the deal to $115 million. The units were up 3 cents, or 0.12%, to end Wednesday’s session at $25.40.

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