Investors also cancel $70 million stock placement that priced April 6
By Devika Patel
Knoxville, Tenn., Jan. 23 - Intermountain Community Bancorp negotiated a $47.3 million private placement of series B mandatorily convertible cumulative participating preferred stock on Jan. 20, according to an 8-K filed Monday with the Securities and Exchange Commission. The lead investors are Castle Creek Capital Fund IV, LP and affiliates of Stadium Capital Management, LLC. The company also said in the 8-K that the lead investors opted to terminate their previous purchase agreement with the company, which was for a $70 million private placement of stock that priced on April 6.
The 15% preferreds will be convertible into common shares at an initial conversion price of $1.00 per share. The price is identical to the company's closing share price on Jan. 19.
Castle Creek and Stadium will also each receive a warrant for 850,000 non-voting common shares, with each share exercisable at $1.00.
The company also plans a $5 million rights offering at $1.00 per share.
The bank holding company is based in Sandpoint, Idaho.
| Issuer: | Intermountain Community Bancorp
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| Issue: | Series B mandatorily convertible cumulative participating preferred stock
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| Amount: | $47.3 million
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| Dividends: | 15%
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| Conversion price: | $1.00
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| Warrants: | For 1.7 million shares
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| Warrant strike price: | $1.00
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| Investor: | Castle Creek Capital Fund IV, LP and Stadium Capital Management, LLC (leads)
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| Pricing date: | Jan. 20
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| Stock symbol: | OTCBB: IMCB
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| Stock price: | $1.00 at close Jan. 19
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| Market capitalization: | $9.25 million
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