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Oriental Financial offers series D noncumulative perpetual preferreds
By Stephanie N. Rotondo
Phoenix, Oct. 19 - Oriental Financial Group Inc. intends to issue series D noncumulative perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Friday.
When declared, dividends will be payable quarterly. The preferred stock will become redeemable upon a certain as-of-yet unspecified date or in whole within 90 days of a regulatory capital treatment event.
The San Juan, Puerto Rico-based firm will apply to list the new preferred shares on the New York Stock Exchange.
Jeffries & Co. Inc. and Oriental Financial Services are leading the deal.
Proceeds will be used to fund a portion of the purchase price for the company's BBVAPR Holding Corp. acquisition. Any remaining funds will be used for general corporate purposes.
Oriental Financial is a diversified financial holding company.
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