By Susanna Moon
Chicago, Feb. 13 - Texas Capital Bancshares, Inc. registered the $75 million of series A fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 shelf registration with the Securities and Exchange Commission.
Also covered under the registration is up to $11.25 million of warrants to purchase 758,086 common shares, exercisable at $14.84 until Jan. 16, 2019.
The preferreds pay cumulative dividends at 5% per year until Feb. 15, 2014 after which they step up to 9%.
The preferreds may not be redeemed prior to Feb. 15, 2012 unless the company has obtained proceeds from one or more equity offerings of $18.75 million.
The Dallas-based company said it will not receive proceeds from the reselling holders.
| Issuer: | Texas Capital Bancshares, Inc.
|
| Issue: | Series A preferred stock
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| Amount: | $75 million (plus $11,249,997 warrants)
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| Maturity: | Perpetual
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| Dividend: | 5%, steps up to 9% after five years
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| Call option: | Before Feb. 15, 2012 only with proceeds from equity offerings of $18.75 million; after Feb. 15, 2012 at par
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| Warrants: | For 758,086 shares
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| Warrant exercise price: | $14.84
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| Warrant expiration: | Jan. 16, 2019
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