By James McCandless
San Antonio, Aug. 11 – Level One Bancorp, Inc. priced a $25 million offering of $25-par series B non-cumulative perpetual preferred stock (Kroll: BB+) with a dividend of 7.5% on Monday, according to an FWP filing with the Securities and Exchange Commission.
There is a $3.75 million greenshoe.
Piper Sandler & Co. is the bookrunner.
Dividends are payable Feb. 15, May 15, Aug. 15 and Nov. 15, starting on Nov. 15, 2020.
The preferreds are redeemable on or after Aug. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Level One plans to use the proceeds for general corporate purposes, which may include investments at the holding company level, providing capital to support its growth, acquisitions or other business combinations, and reducing existing debt.
The company plans to list the preferreds on the Nasdaq under the symbol “LEVLP.”
Level One is a Farmington Hills, Mich.-based bank holding company.
| Issuer: | Level One Bancorp, Inc.
|
| Description: | Series B non-cumulative perpetual preferred stock
|
| Amount: | $25 million, or 1 million shares
|
| Greenshoe: | $3.75 million, or 150,000 shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Piper Sandler & Co.
|
| Dividend: | 7.5%
|
| Price: | Par of $25.00
|
| Yield: | 7.55%
|
| Call: | On or after Aug. 15, 2025 at par; prior to that, within 90 days after a regulatory capital treatment event
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 13
|
| Rating: | Kroll: BB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: LEVLP
|
|
|
© 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.
