Armada Hoffler Properties, Great Elm prep offerings; Athene preferreds up; KeyCorp falls

By James McCandless

San Antonio, June 10 – The start to the new week in the preferred space saw mostly positive activity.

In the primary market, Armada Hoffler Properties, Inc. said it plans to price an offering of $25-par series A cumulative redeemable perpetual preferred stock at par.

Jefferies LLC and Stifel, Nicolaus & Co., Inc. are the joint bookrunners.

The preferreds are redeemable after five years. Prior to that, they are redeemable within 120 days after a change-of-control event.

Great Elm Capital Corp. plans to price an offering of five-year senior notes.

Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners. Incapital LLC is a lead manager.

Leading the secondary, Athene Holding Ltd.’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares gained again.

The preferreds, trading under the temporary symbol “ATHDF,” were up 15 cents to close at $26.10 on volume of about 1.7 million shares.

Meanwhile, in finance, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds were seen falling.

The preferreds (NYSE: KEYPrK) declined by 17 cents to close at $25.77 with about 536,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities closed slightly better.

The preferreds (NYSE: ALLYPrA) picked up 1 cent to close at $26.15 on volume of about 286,000 shares.

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