Company sells 8.75% non-cumulative convertible perpetual preferreds
By Devika Patel
Knoxville, Tenn., June 28 - Oriental Financial Group Inc. settled an $84 million private placement of 8.75% non-cumulative convertible perpetual preferred stock, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The preferreds are convertible into common stock at $11.77 per share, a 12.52% premium to the June 27 closing share price of $10.46.
The company also said it signed a definitive agreement to acquire BBVA's Puerto Rico operations for $500 million in cash.
Oriental is a financial holding company based in San Juan, Puerto Rico.
Issuer: | Oriental Financial Group Inc.
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Issue: | Non-cumulative convertible perpetual preferred stock
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Amount: | $84 million
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Dividends: | 8.75%
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Conversion price: | $11.77
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Conversion discount: | 12.52%
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Warrants: | No
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Announcement date: | June 28
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Stock symbol: | NYSE: OFG
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Stock price: | $10.46 at close June 27
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Market capitalization: | $449.64 million
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