AdCare Health prices preferreds; MetLife in focus; JPMorgan Chase sets talk for $25-pars

By Christine Van Dusen

Atlanta, May 28 – AdCare Health Systems Inc. priced perpetual preferred stock on a Thursday that saw MetLife Inc. also receiving some attention.

The latter issuer on Wednesday priced a $1.5 billion offering of 5.25% $1,000-par series C fixed-to-floating rate noncumulative preferreds.

The preferreds were talked in the 5.375% area. Dividends will be fixed and payable semiannually through June 15, 2020. On that date, the dividend will begin to float at Libor plus 357.5 basis points and will be payable quarterly.

The deal came via Goldman Sachs & Co., BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.

In the wake of the new-issue news, the B’s on Wednesday dropped 62 cents to $25.15. On Thursday the preferreds were seen at $25.14. At the close, the preferreds moved down 2 cents to $25.13 on 323,563 shares traded.

In its new deal, AdCare Health Systems priced 588,235 shares at $25.50 per share of its 10.875% series A cumulative redeemable preferred stock (NYSE: ADK.PRA), according to a company filing.

The preferreds have a $25.00 liquidation preference.

Also on Thursday, JPMorgan Chase & Co. set talk in the 6.25% area for a $400 million offering of $25-par perpetual preferreds, according to a company announcement.

The preferreds are redeemable in whole or in part after June 15, 2020 at par plus dividends.

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