Southern Co. sells $25-par notes; Healthcare Trust on deck; Public Storage preferreds lower

By James McCandless

San Antonio, Sept. 15 – Moving through Tuesday, the preferred market was largely positive though top traders skewed lower.

Coming down the primary pipeline, Southern Co. sold $750 million of $25-par series 2020C junior subordinated notes due Oct. 15, 2060.

The company’s established 6.25% series 2015A junior subordinated notes due 2075 drifted downward.

Also, Healthcare Trust, Inc. plans to sell up to $15 million more of its series A cumulative redeemable perpetual preferred stock with a dividend of 7.375%.

As the volume leader, REIT Public Storage’s 4.625% series L cumulative preferred shares were pushed to a lower position.

Meanwhile, diversified builder Brookfield Infrastructure Partners LP’s new $200 million 5.125% series 13 class A preferred limited partnership units ended above par.

Elsewhere, in the finance space, Capital One Financial Corp.’s new 4.625% series K fixed-rate non-cumulative perpetual preferreds declined.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock improved.

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