Enstar plans offering; Cowen exercises greenshoe; RenaissanceRe better; MetLife off

By James McCandless

San Antonio, June 18 – The preferred market saw an increase in activity as the new week kicked off.

Enstar Group Ltd. plans to price an offering of $25-par fixed-to-floating rate preference shares.

Cowen Inc. exercised its $10 million over-allotment option for its recent offering of 7.75% $25-par senior notes due 2033.

RenaissanceRe Holdings Ltd.’s new $250 million series F preference shares improved amid a new rating.

On Monday, Fitch Ratings assigned a BBB+ rating to the shares (see related story elsewhere in this issue).

The preferreds, which trade under the temporary ticker of “RNREF,” were up 1 cent to $25.00.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares declined.

Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock slid.

In its deal, Enstar plans to price an offering of $25-par series D fixed-to-floating rate perpetual non-cumulative preference shares.

Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Barclays and HSBC Securities (USA) Inc. are the joint bookrunners.

The preference shares are callable after 10 years.

Meanwhile, Cowen said the underwriters for its recent offering of 7.75% $25-par senior notes due 2033 exercised their $10 million over-allotment option in full on June 13.

Cowen priced $90 million of the notes on June 6.

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