By Devika Patel
Knoxville, Tenn., Dec. 17 - Tompkins Financial Corp. issued an additional $1.98 million of 30-year 7% cumulative trust preferred securities through Tompkins Capital Trust I in a private placement on Dec. 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The original $15 million placement settled on April 10, and the company sold $3.55 million of the securities on May 14. The total issue size is now $20.53 million.
The deal was originally announced as a $15 million to $30 million regulation D offering on Feb. 4.
The trust preferreds will be convertible into Tompkins Financial common stock during specified annual windows beginning in 2019. The conversion price will be the greater of $41.35 per common share and the average closing stock price of the common shares in the first quarter of the conversion year.
The preferreds become callable at par after five years.
The proceeds will be used to support business growth and for general corporate purposes.
Tompkins Financial is an Ithaca, N.Y.-based multibank holding company.
| Issuer: | Tompkins Capital Trust I
|
| Guarantor: | Tompkins Financial Corp.
|
| Issue: | Cumulative trust preferred securities
|
| Amount: | $20,525,000
|
| Maturity: | 30 years
|
| Coupon: | 7%
|
| Price: | $1,000
|
| Warrants: | No
|
| Call option: | At par after five years
|
| Conversion: | Into Tompkins Financial common stock beginning in 2019 at greater of $41.35 per common share and three-month average closing stock price at start of conversion year
|
| Pricing date: | Feb. 4
|
| Settlement date: | April 10 (for $15 million), May 14 (for $3.55 million), Dec. 15 (for $1,975,000)
|
| Stock symbol: | Amex: TMP
|
| Stock price: | $45.95 at close April 9
|
| Market capitalization: | $386 million
|
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