CAI upsizes preferreds offering; Global Net Lease inks ‘at the market’ offering

By Abigail W. Adams

Portland, Me., March 23 – The primary market remained active in the preferreds space, closing the week with the pricing of a new preferred stock offering.

CAI International Inc. sold an upsized $40 million, or 1.6 million shares, of 8.5% series A fixed-to-floating rate cumulative redeemable preferred stock after the market close on Thursday at par of $25.00, according to a company news release.

Price talk had been for a dividend in the 8.5% area with the initial size launched at $25 million, according to a market source.

Global Net Lease, Inc. entered into an agreement to sell up to $200 million of its $25-par 7.25% series A cumulative redeemable preferred stock in an “at the market” offering, according to a 424B5 filing with the Securities and Exchange Commission.

The New York-based real estate investment trust sold $106 million of its series A preferred stock in the initial pricing of the offering in September 2017 and an additional $28.75 million in a reopening in December.

Meanwhile, signs of a rebound in the secondary market were short-lived with two market indicators up early in Friday’s session but down at the market close.

Capital One Financial Corp.’s depositary shares representing the 5.2% series G non-cumulative preferred stock were also volatile, seeing gains early in Friday’s session but closing the day with losses.

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