QTS Realty on tap; Compass Diversified frees up; Citigroup, Colony NorthStar in focus

By Abigail W. Adams

Portland, Me., March 7 –The primary market remained active in the preferreds space with a new preferred stock offering launched on Wednesday.

QTS Realty Trust Inc. launched an offering of $25-par perpetual series A cumulative redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Compass Diversified Holdings’ new preferred stock freed to trade on OTC markets under the temporary ticker “CMPDP.”

The 7.875% series B fixed-to-floating rate cumulative preferred shares priced on Tuesday.

The new preferred shares closed Wednesday at $24.65.

While trading volume was light in the preferreds space on Wednesday, preferreds from Colony NorthStar Inc. and Citigroup were active. Colony NorthStar’s preferreds were mixed in heavy trading while Citigroup’s preferreds traded down slightly.

QTS Realty announced Wednesday plans to price an offering of $25-par perpetual series A cumulative redeemable preferred stock. BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are joint bookrunners for the offering.

Dividends will be payable quarterly. The preferred stock is not callable until a specified date in 2023 when it becomes freely callable at par plus accrued dividends.

The preferred stock from the Chicago-based real estate investment trust that invests in carrier-neutral data centers will be listed for trade on the New York Stock Exchange under the ticker “QTSPrA.”

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