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Morning Commentary: EPR Properties offers preferred stock; preferreds jump; Two Harbors slips
By Cristal Cody
Tupelo, Miss., Nov. 20 – Pricing action is set to continue over the Thanksgiving Day holiday week with at least one issuer planning to bring a deal to market.
EPR Properties announced on Monday intentions to price an offering of $25-par series G cumulative redeemable perpetual preferred shares.
Elsewhere, preferreds started the session mostly stronger.
The Wells Fargo Hybrid and Preferred Securities index gained 17 basis points.
The U.S. iShares Preferred Stock ETF jumped 39 bps by mid-morning.
In early trading, Two Harbors Investment Corp.’s $275 million of 7.25% series C fixed-to-floating-rate cumulative redeemable preferred stock that priced on Thursday fell 6 cents, or 0.24%, to $24.94 in over-the-counter trading under the temporary symbol “TWWHP.”
Two Harbors plans to apply to list the securities on the New York Stock Exchange under the symbol “TWOPrC.”
EPR in pipeline
EPR Properties plans to price an offering of $25-par series G cumulative redeemable perpetual preferred shares, according to a 424B5 filing with the Securities and Exchange Commission on Monday.
BofA Merrill Lynch, RBC Capital Markets, LLC, Stifel, Nicolaus & Co., Inc. and Raymond James & Associates, Inc. are the bookrunners.
The deal includes an over-allotment option.
The preferred have a $25.00 per share liquidation preference.
The shares are redeemable after 2022 at $25.00 per share plus accumulated and unpaid dividends.
EPR Properties plans to list the preferreds on the NYSE under the symbol “EPRPrG.”
Proceeds will be used along with cash on hand if necessary to redeem all of the company's outstanding series F preferred shares with an aggregate liquidation preference of $125 million. Any remaining proceeds will be used for general business purposes.
EPR Properties is a Kansas City, Mo.-based real estate investment trust.
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