Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2010 > News item |
Independent Bank starts exchange for four series of trust preferreds
By Jennifer Chiou
New York, April 23 - Independent Bank Corp. announced the start of an offer to issue up to 180.2 million new common shares in exchange for the following series of trust preferred securities:
• $50.6 million liquidation amount of 8.25% cumulative trust preferreds issued by IBC Capital Finance II with a total exchange value of $22.65 per $25.00 preferred, including an early tender premium of $1.25;
• $12 million liquidation amount of floating-rate trust preferreds issued by IBC Capital Finance III with a total exchange value of $861.11 per $1,000 preferred, including an early tender premium of $50.00;
• $20 million liquidation amount of floating-rate trust preferreds issued by IBC Capital Finance IV with a total exchange value of $864.54 per $1,000 preferred, including an early tender premium of $50.00; and
• $7.5 million liquidation amount of floating-rate trust preferreds issued by Midwest Guaranty Trust I with a total exchange value of $871.26 per $1,000 preferred, including an early tender premium of $50.00.
The Ionia, Mich.-based bank holding company said that it will issue a number of shares per preferred with a dollar value equal to the exchange amount noted above for that series.
The offer is set to end at 11:59 p.m. ET on June 1. The early tender deadline is May 17.
D.F. King & Co., Inc. is the information agent (800 431-9643 or call collect 212 269-5550).
© 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.