TriplePoint Venture enters primary space to sell baby bonds; American Homes frees to trade

By Stephanie N. Rotondo

Seattle, July 11 – The preferred stock market’s new issue pipeline let another deal out of the pipe on Tuesday.

TriplePoint Venture Growth BDC Corp. sold $65 million of 5.75% $25-par notes due 2022. The deal came upsized from $55 million.

Initial price talk was 5.875%

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

Ahead of pricing, the baby bonds were seen at $24.78 bid, $24.87 offered in the gray market.

Earlier in the day, a trader said the notes were at $24.65 bid in the gray.

The notes become redeemable on July 15, 2019. The Menlo Park, Calif.-based company plans to use the proceeds to redeem its $54.6 million outstanding 6.75% fixed-rate note 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 45 cents, or 1.76%, at $25.12.

Meanwhile, American Homes 4 Rent’s $115 million of 5.875% series G cumulative redeemable preferreds – a deal priced Monday – freed to trade in the afternoon, according to a trader.

Upon freeing, the issue was assigned a temporary ticker, “AMMRP.”

At the bell, the preferreds were deemed a penny weaker at $24.98.

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