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New Issues from REITs PS Business Parks and Ashford Hospitality
October 17, 2016
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Faster that we can get notices of new issues published we get more new issues. PS Business Parks (NYSE
SB) has issued a new 5.20% preferred which is investment grade, as might be expected, from the sister company to Public Storage (NYSESA).
The terms of this issue are the normal terms for a REIT preferred being cumulative, perpetual and non qualifying in respect to favorable dividend tax treatment.
PSB will have a total of 5 preferred issues outstanding after this new issue, although 3 issues are redeemable in 2017. You can compare the issues on our Swaps page here.
The company will use the proceeds of this offering to pay down credit lines.
The issue is now trading on the OTC Grey Market at around $24.95/share.
Details of this issue can be found here.
Ashford Hospitality Trust (NYSE:AHT) a lodging REIT has sold another 7.375% issue as well. It was only 3 months ago that AHT sold a 7.375% issue (AHT-F), but I guess they decided they should get new issues sold while the demand was strong and prior to possible December Fed Fund rate hikes.
This will be a refinancing issue as the proceeds of this issue will be used to redeem all or a portion of the AHT-A issue (8.55% coupon) and/or AHT-D issue (8.45% coupon), both of which are immediately redeemable.
The terms of this issue are the normal terms for a REIT preferred being cumulative, perpetual and non qualifying in respect to favorable dividend tax treatment.
Details of this issue can be found here.
New Issues from REITs PS Business Parks and Ashford Hospitality
October 17, 2016
Facebook0Google+Condividi
Faster that we can get notices of new issues published we get more new issues. PS Business Parks (NYSE
SB) has issued a new 5.20% preferred which is investment grade, as might be expected, from the sister company to Public Storage (NYSESA).The terms of this issue are the normal terms for a REIT preferred being cumulative, perpetual and non qualifying in respect to favorable dividend tax treatment.
PSB will have a total of 5 preferred issues outstanding after this new issue, although 3 issues are redeemable in 2017. You can compare the issues on our Swaps page here.
The company will use the proceeds of this offering to pay down credit lines.
The issue is now trading on the OTC Grey Market at around $24.95/share.
Details of this issue can be found here.
Ashford Hospitality Trust (NYSE:AHT) a lodging REIT has sold another 7.375% issue as well. It was only 3 months ago that AHT sold a 7.375% issue (AHT-F), but I guess they decided they should get new issues sold while the demand was strong and prior to possible December Fed Fund rate hikes.
This will be a refinancing issue as the proceeds of this issue will be used to redeem all or a portion of the AHT-A issue (8.55% coupon) and/or AHT-D issue (8.45% coupon), both of which are immediately redeemable.
The terms of this issue are the normal terms for a REIT preferred being cumulative, perpetual and non qualifying in respect to favorable dividend tax treatment.
Details of this issue can be found here.
