DETROIT, June 27 (Reuters) - Delphi Corp. said on Friday it had postponed a $300 million preferred stock offering until the third quarter as a record $17.6 billion debt offering by General Motors Corp. had sapped market demand.
"The sheer size of the debt offering has reduced the capacity for the market to absorb any additional debt offering," Delphi spokeswoman Paula Angelo said.
Delphi said in late March that it intended $300 million in preferred stock through its newly-created subsidiary, Delphi Properties Inc., a real estate investment trust (REIT).
Delphi had hoped to complete the offering by the end of the second quarter, Angelo said.
Delphi had planned to use the proceeds from the offering for its U.S. pension plans, which ended last year underfunded by $4.1 billion, up from $2.4 billion the previous year.
The securities are backed by mortgage notes on Delphi's 14 properties in five states, totaling 86.6 million square feet of space.