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Midday Commentary: Goldman heralds sale of noncumulative preferreds; Urstadt prices new deal
By Stephanie N. Rotondo
Phoenix, Oct. 17 - The Goldman Sachs Group Inc. announced the preferred offering of the day on Wednesday.
The New York-based investment bank said it intended to issue series I noncumulative perpetual preferreds. Price talk was initially 6.125% to 6.25% but was soon revised to 5.9% to 6%, according to a trader.
He added that he had heard it was a smaller deal, with no selling group.
Paper was trading at par in the gray market as of midday.
Goldman Sachs & Co. Inc. is the bookrunner. Joint lead managers are Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC and Wells Fargo Securities LLC.
Proceeds will be used to provide additional funds for operations and for general corporate purposes.
Meanwhile, Urstadt Biddle Properties Inc. priced an upsized offering of 7.125% series F cumulative redeemable preferreds.
The company had originally stated it would sell $75 million of the shares on Tuesday.
A trader said he saw a par bid for the preferreds, though no offers.
The preferreds include a make-whole premium should the Greenwich, Conn.-based real estate investment trust redeem the issue prior to Oct. 24, 2017.
BMO Capital Markets is the bookrunner. Stifel Nicolaus & Co. Inc. and Deutsche Bank Securities Inc. are the joint lead managers. Co-managers are Wunderlich Securities Inc., J.J.B. Hilliard, W.L. Lyons, LLC and BNY Mellon Capital Markets, LLC.
Proceeds will be used for to redeem all outstanding series E preferreds and for general corporate purposes, which may include the redemption of the series C or D preferreds, the repayment of debt, the funding of capital improvements or the acquisition of properties.
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