| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Global Net Lease, Inc. > News item |
Carlyle prices $400 million preferred units; Global Net Lease in primary; preferreds improve
By Cristal Cody
Tupelo, Miss., Sept. 6 – The Carlyle Group priced $400 million of $25.00-par perpetual preferred units on Wednesday with a 5.875% dividend, tighter than early morning guidance in the 6% area.
In the gray market late afternoon, the preferreds were seen at $25.03/$25.08, a source said.
In other deal action, Global Net Lease, Inc. planned to price an offering of series A cumulative redeemable preferred stock.
Price talk on the preferreds was 6.875%, and the deal was expected to price late in the day, sources said.
BMO Capital Markets Corp. and Stifel, Nicolaus & Co., Inc. are the bookrunners.
The New York City-based real estate investment trust has applied to list the shares on the New York Stock Exchange under the symbol “GNL PR A.”
Overall, the preferred market improved during the session.
The U.S. iShares Preferred Stock ETF closed up 0.8, or 0.21%.
The preferred “market was flat most of the day, but in the last half hour it bumped up by 7 [basis points],” a source said.
Carlyle prices $400 million
The Carlyle Group priced $400 million, or 16 million units, of series A perpetual preferred units on Wednesday at $25.00 per unit with a 5.875% dividend, according to an FWP filing with the Securities and Exchange Commission.
The preferreds priced tighter than talk in the 6% area.
Morgan Stanley & Co., LLC, BofA Merrill Lynch, UBS Securities LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC were the bookrunners.
The company plans to apply to list the preferred units on the Nasdaq under the symbol “TCGP.”
On or after Sept. 15, 2022, the company may redeem the preferred units at $25.00 per unit.
Proceeds from the offering will be used for general corporate purposes, including to fund investments.
The Carlyle Group is a Washington, D.C.-based investment firm.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.