PS Business Parks prices $200 million preferreds; B. Riley on tap; preferreds mixed

By Cristal Cody

Tupelo, Miss., Nov. 30 – PS Business Parks Inc. priced $200 million of 5.2% cumulative preferred shares on Thursday.

The preferreds were freed to trade over the counter over the afternoon under the temporary symbol “PSSBP.”

B. Riley Financial Inc. also announced the company is offering up to $40 million of its 7.5% $25-par senior notes due Oct. 31, 2021 and 7.5% $25-par senior notes due May 31, 2027.

Preferred stocks were mixed at the end of the session after softening on Tuesday and Wednesday.

The Wells Fargo Hybrid and Preferred Securities index closed down 7 basis points.

The U.S. iShares Preferred Stock ETF was up 3 bps.

B. Riley’s 7.5% notes due 2021, which trade on the Nasdaq Global Market under the symbol “RILYL,” rose 6 cents to $26.10 in trading.

The 2027 notes, traded on the Nasdaq under the symbol “RILYZ,” ended 14 cents weaker at $25.71.

In other trading, NuStar Energy LP’s $150 million of $25-par 9% fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba3/B/B+) that priced on Monday closed up 18 cents to $24.95 on Thursday.

The preferreds were freed to trade over the counter under the temporary symbol “NSSTP.”

Elsewhere, Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) fell 2 cents to end the day at $25.60.

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