PacWest to sell series A fixed-rate reset perpetual preferreds

By Rebecca Melvin

Concord, N.H., May 31 – PacWest Bancorp is planning to price fixed rate reset non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

The series A preferreds are non-callable until the first reset date and then they may be redeemed on an any dividend payment date. They can also be redeemed for a regulatory capital treatment event.

Piper Sandler & Co., J.P. Morgan Securities LLC and Janney Montgomery Scott LLC are joint bookrunning managers. Co-managers are Credit Suisse Securities (USA) LLC, D.A. Davidson & Co. and Stephens Inc., and junior co-managers are Academy Securities Inc. and Roberts & Ryan Investments Inc.

Dorsey & Whitney LLP is legal counsel for the company and Lathan & Watkins LLP is legal counsel for the underwriters.

Proceeds will be used for general corporate purposes, including repayment or redemption of outstanding debt, payment of dividends, and share repurchases.

The preferreds are expected to be listed on the Nasdaq Stock Market under the symbol “PACWP.”

The bank holding company is based in Los Angeles.

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