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Seaspan comes upsized; Medley’s $25-par notes finally price; Legg Mason, Landmark free up
By Stephanie N. Rotondo
Seattle, Aug. 4 – The preferred stock new issue pipeline showed no signs of letting up on Thursday, as Seaspan Corp. added a deal to the calendar.
The Hong Kong-based shipping company said it was selling $75 million of series H cumulative redeemable preferreds, with price talk in an 8% to 8.125% range. The deal priced before the close, coming upsized at $225 million.
The issue priced at par to yield 7.875%.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Citigroup Global Markets Inc. are running the books.
Meanwhile, a trader commented that Medley LLC’s $25 million sale of $25-par unsecured notes due Aug. 15, 2026 would come around midday, “or so I was told.”
The offering came at par to yield 6.875%, in line with initial price talk.
Of issues that have already priced, Legg Mason Global Asset Management’s $500 million of 5.45% $25-par junior subordinated notes due 2056 freed up at mid-morning, according to a trader.
At the close, a market source said the paper was at $25.32. However, he noted that the volume weighted average price of $25.01 was probably more accurate.
Landmark Infrastructure Partners LP’s $40 million of 7.9% series B cumulative redeemable preferred units were also pegged at $24.95 bid, par offered in early trading.
A source said the units ended at par but placed the VWAP at $24.965.
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