By Marisa Wong
Morgantown, W.Va., April 4 – Medical Transcription Billing Corp. upsized its offering of additional 11% series A cumulative redeemable perpetual preferred stock to $10.5 million.
The company priced 420,000 shares of the series A preferreds (Nasdaq: MTBCP) at $25 per share, according to a Wednesday press release.
The offering is expected to close on April 6.
The company had announced on March 23 that it would place $10 million of the series A preferreds through a best-efforts offering.
H.C. Wainwright & Co. is the placement agent. Boenning & Scattergood, Inc. is co-placement agent.
The company has previously issued multiple tranches of the series A preferreds, as previously reported.
Dividends are payable on the 15th day of each month. The preferreds become redeemable on Nov. 4, 2020 at par plus accrued dividends, as previously noted.
The preferreds are also redeemable upon a change of control.
Proceeds from the latest preferreds will be used for general corporate purposes and supporting growth initiatives.
Medical Transcription is a Somerset, N.J.-based health care information technology company.
| Issuer: | Medical Transcription Billing, Corp.
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| Securities: | Series A cumulative redeemable perpetual preferred stock
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| Amount: | $10.5 million, or 420,000 shares (increased from $10 million, or 400,000 shares)
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| Maturity: | Perpetual
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| Dividend: | 11%, payable monthly
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| Price: | Par of $25.00
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| Call option: | After Nov. 4, 2020 at par and upon a change of control
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| Placement agent: | H.C. Wainwright & Co.,
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| Co-placement agent: | Boenning & Scattergood, Inc.
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| Pricing date: | March 23
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| Upsizing: | April 4
|
| Settlement date: | April 6
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| Preferred stock symbol: | Nasdaq: MTBCP
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| Preferred stock price: | $26.25 at close March 22
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