Morning Commentary: TriplePoint Venture adds new deal to calendar; American Homes not free to trade

By Stephanie N. Rotondo

Seattle, July 11 – The primary preferred stock market remained at least somewhat active on Tuesday, with one more deal getting added to the calendar.

TriplePoint Venture Growth BDC Corp. said it was selling $55 million of $25-par notes due 2022, with price talk at 5.875%.

Keefe Bruyette & Woods Inc., Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

A trader said the notes were at $24.65 bid in the early gray market.

The notes become redeemable in 2019. The Menlo Park, Calif.-based company plans to use the proceeds to redeem its $54.6 million outstanding 6.75% fixed-rate notes due 2020, plus accrued interest. Any remaining proceeds will be used to repay borrowings under a $200 million revolving credit facility.

The 6.75% notes (NYSE: TPVZ) were down 52 cents, or 2.03%, at $25.05.

Meanwhile, American Homes 4 Rent’s $115 million of 5.875% series G cumulative redeemable preferreds – a deal priced Monday – had not yet freed from the syndicate, according to a trader.

The trader saw the issue quoted at $24.85 bid, $24.92 offered in the gray market at mid-morning. That was down from a $24.95 to $24.97 context on Monday.

The deal came upsized from $100 million and priced at the tight end of the 5.875% to 6% price talk.

Wells Fargo Securities LLC, BofA Merrill Lynch and Raymond James ran the deal.

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