Preferred Stock Calendar: Prudential, Webster on tap

November

PRUDENTIAL FINANCIAL INC.: At least $250 million of $25-par junior subordinated notes due Dec. 15, 2052; talked between 5.75% and 5.875%; redeemable in December 2017 or in the event of a regulatory capital event at par; redeemable prior to December 2017 in case of a rating agency or tax event with make-whole premium; Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC (joint); proceeds for general corporate purposes and to redeem outstanding medium-term retail notes; Newark, N.J.-based financial services company.

RESOURCE CAPITAL CORP.: At-the-market offering of up to $15 million 8.5% series A cumulative redeemable preferred stock and up to $25 million of 8.25% series B cumulative redeemable preferred stock; redeemable on or after June 14, 2017 or in the event of a change of control; MLV & Co. LLC (bookrunner); New York-based specialty finance company.

WEBSTER FINANCIAL CORP.: Series E noncumulative perpetual preferred stock; redeemable Dec. 15, 2017 or upon the occurrence of a regulatory capital treatment event; Deutsche Bank Securities Inc., Jefferies and J.P. Morgan Securities LLC (joint); RBC Capital Markets LLC, Raymond James & Associates Inc. and Stifel Nicolaus & Co. (lead managers); Keefe, Bruyette & Woods and Sandler O'Neill + Partners, LP (co-managers); proceeds for general corporate purposes; Waterbury, Conn.-based bank holding company.

On The Horizon

ALLSTATE CORP: $1.25 billion of preferreds and senior notes; proceeds to be used to repurchase $1 billion of stock and for repayment of 2012 debt; Northbrook, Ill.-based insurance company.

SOUTHERN FIRST BANCSHARES INC.: $17.29 million fixed-rate series T cumulative perpetual preferreds; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on May 15, 2014; company will not receive any proceeds from the sale; Greenville, S.C.-based holding company for Southern First Bank NA.

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