SoCal Edison’s SCE Trust, Compass Diversified sell new issues; Maiden paper lists on NYSE

By Stephanie N. Rotondo

Seattle, June 19 – The preferred stock primary market had two new deals come to market on Monday.

Southern California Edison Co.’s SCE Trust VI brought a $475 million offering of 5% series L trust preference shares, upsizing the amount from $200 million.

The distribution rate priced tight to initial price talk in a 5.125% to 5.25% range.

The preference shares were quoted at $24.90 bid, $24.95 offered just prior to pricing.

The company plans to use the proceeds to redeem some or all of its 5.625% series F trust preference shares (NYSE: SCEPrF).

Those shares were off 5 cents at $25.14.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and Wells Fargo Securities LLC ran the books.

Meanwhile, Compass Diversified Holdings LLC priced its first issue of preferred stock, selling $100 million of 7.25% series A preferreds.

BofA Merrill Lynch and UBS Securities LLC were the joint bookrunners.

Proceeds will be used to pay down debt and for general corporate purposes.

As for recently priced issues, Maiden Holdings Ltd.’s $150 million of 6.7% series D noncumulative preference shares – a deal priced June 8 – began trading on the New York Stock Exchange on Monday.

The ticker symbol is “MHPrD.”

The paper closed at $25.26, up from $25.24 at the open.

© 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.