Colony NorthStar prices $300 million preferreds; Public Storage, B. Riley, Capitala lower

By Colin Hanner

Chicago, May 24 – A deal announced mid-morning on Wednesday came to market later in the afternoon in the preferred market, a market source said, though liquidity remained muted on the session.

The Wells Fargo Hybrid and Preferred Securities index was up 1 basis point, while the U.S. iShares Preferred Stock ETF was up 3 bps.

Los Angeles-based real estate and investment management firm Colony NorthStar, Inc. priced an upsized $300 million of 7.15% $25-par series I cumulative redeemable perpetual preferred units, a market source said.

Price talk for the notes was in the 7.25% area before tightening to 7.15%.

The size of the deal was upsized from $100 million.

Elsewhere in the new deal space, Public Storage’s $250 million issue of 5.15% series F cumulative preferreds were trading “not that much lower than what they had been during the session” at 24.80, a market source said.

That deal is expected to list on the NYSE under the ticker symbol “PSAPrF.”

B. Riley Financial Inc.’s $52.5 million of 7.5% $25-par senior notes due 2027 (Nasdaq: RILYL) were down 2 cents, or 0.07%, to $25.75. The issue listed on Wednesday.

And, a day following its listing on the Nasdaq Global Select Market, Capitala Finance Corp.’s $70 million of 6% $25-par notes due 2022 (Nasdaq: CPTAL) were down 15 cents, or 0.59%, to $25.10.

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