By Devika Patel
Knoxville, Tenn., May 21 - Taylor Capital Group, Inc. said it has arranged a $75 million private placement of subordinated notes and non-cumulative convertible preferred stock.
The company is selling $37.5 million of 10-year 8% notes.
It also will sell $37.5 million of 8% preferreds, which will initially be convertible into about 3.05 million common shares at a conversion price of $12.28. The company may force conversion under certain conditions.
Investors include Harrison I. Steans, Jennifer W. Steans, members of the Taylor family, Prairie Capital IV, LP and Prairie Capital IV, QP/LP.
Settlement is expected on June 1.
Proceeds will primarily be used as an ongoing source of strength for the balance sheet and regulatory capital of the company and Cole Taylor Bank as well as to support the company's future growth plans.
Taylor Capital is the Rosemont, Ill.-based holding company for Cole Taylor Bank, which is primary engaged in commercial banking.
| Issuer: | Taylor Capital Group, Inc.
|
| Issue: | Subordinated notes, non-cumulative convertible preferred stock
|
| Amount: | $75 million
|
| Warrants: | No
|
| Investors: | Harrison I. Steans, Jennifer W. Steans, members of the Taylor family, Prairie Capital IV, LP and Prairie Capital IV, QP/LP
|
| Pricing date: | May 21
|
| Settlement date: | June 1
|
| Stock symbol: | Nasdaq: TAYC
|
| Stock price: | $12.60 at close May 21
|
| Market capitalization: | $140 million
|
|
|
| Notes
|
| Amount: | $37.5 million
|
| Maturity: | 10 years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
|
|
| Preferreds
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| Amount: | $37.5 million
|
| Dividends: | 8%
|
| Conversion price: | $12.28
|
| Conversion ratio: | Into approximately 3.05 million shares
|
| Call: | Yes
|
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