By Stephanie N. Rotondo
Phoenix, March 31 – Banc of California Inc. priced $100 million of 7.375% series D noncumulative perpetual preferred stock on Tuesday, a market source said.
The preferreds will be issued as depositary shares representing a 1/40th interest.
BofA Merrill Lynch and UBS Securities LLC are the joint bookrunners on the deal. Keefe Bruyette & Woods Inc. was a lead manager.
The preferred offering is being done concurrently with a sale of senior notes due 2025.
Dividends will be payable quarterly. The Irvine, Calif.-based bank can redeem the preferreds on or after June 15, 2020 or within 90 days of a regulatory capital treatment event at par plus accrued dividends.
The new preferreds will be listed on the New York Stock Exchange under the ticker symbol “BANCPD.”
Proceeds will be used for general corporate purposes.
| Issuer: | Banc of California Inc.
|
| Securities: | Series D noncumulative preferred stock
|
| Amount: | $100 million, or 4 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, UBS Securities LLC
|
| Lead manager: | Keefe Bruyette & Woods Inc.
|
| Co-managers: | Deutsche Bank Securities Inc. and Sandler O’Neill + Partners LP
|
| Dividend: | 7.375%
|
| Price: | Par of $25.00
|
| Yield: | 7.375%
|
| Talk: | 7.375% to 7.5%
|
| Call options: | On or after June 15, 2020 or within 90 days of a regulatory capital treatment event at par plus accrued dividends
|
| Pricing date: | March 31
|
| Settlement date: | April 8
|
| Expected listing: | NYSE: BANCPD
|
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