Colony NorthStar active; Carlyle’s preferred units hit Nasdaq; GSE preferreds falter

By Stephanie N. Rotondo

Seattle, Sept. 15 – As the preferred stock market looked to finish out the week strong, Colony NorthStar Inc.’s $275 million of 7.125% series J cumulative redeemable preferreds continued to be actively traded.

However, the issue was holding steady at $24.80. Almost 693,000 of the preferreds traded during the session.

The deal priced on Wednesday and freed to trade on Thursday. Its temporary ticker symbol is “CNYYP.”

BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets LLC were the joint bookrunners.

The company intends to use proceeds from the deal to redeem some or all of its 8.25% series B cumulative redeemable preferreds (NYSE: CLNSPrB) and its 8.875% series C cumulative redeemable preferreds (NYSE: CLNSPrC).

As for other recent issues, the Carlyle Group’s $400 million of 5.875% series A perpetual preferred units listed on the Nasdaq Global Select Market on Friday.

The ticker symbol is “TCGP.”

The paper closed at $25.00, off 4 cents.

The units offering priced Sept. 6, coming tighter than talk in the 6% area.

Morgan Stanley, BofA Merrill Lynch, UBS Securities, Wells Fargo Securities LLC and JPMorgan were the bookrunners.

In the world of distressed preferred stock, Fannie Mae and Freddie Mac’s paper was giving up some of the gains earned in Thursday trading during Friday’s session.

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