By Stephanie N. Rotondo
Phoenix, Nov. 5 - Everbank Financial Corp. sold $150 million of 6.75% series A noncumulative perpetual preferred stock, the company said in a press release on Monday.
The stock will be issued as depositary shares representing a 1/1,000th interest.
Dividends will be payable quarterly, and the preferreds can be redeemed on or after Jan. 5, 2018 or within 90 days of a regulatory capital treatment event.
The company has applied to list the new securities on the New York Stock Exchange under the ticker symbol "EVERPA."
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Goldman Sachs & Co. acted as the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include organic growth or the acquisition of complementary businesses or assets.
Everbank is a Jacksonville, Fla.-based diversified financial services company.
| Issuer: | Everbank Financial Corp.
|
| Securities: | Series A noncumulative preferred stock
|
| Amount: | $150 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Goldman Sachs & Co.
|
| Lead manager: | Raymond James & Associates Inc.
|
| Co-managers: | Deutsche Bank Securities Inc. Keefe, Bruyette & Woods, Sterne Agee Leach
|
| Dividend: | 6.75%
|
| Price: | Par of $25.00
|
| Yield: | 6.75%
|
| Talk: | Around 7%
|
| Call: | Beginning Jan. 5, 2018
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 13
|
| Expected symbol: | NYSE: EVERPA
|
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