By Kenneth Lim
Boston, April 16 - Tompkins Financial Corp. priced a $15 million private placement of 30-year 7% cumulative trust preferred securities, according to a filing with the Securities and Exchange Commission. The deal was originally announced as a $15 million to $30 million regulation D offering on Feb. 4.
Tompkins Capital Trust I will issue the 15,000 preferreds at $1,000 apiece. Tompkins Financial will guarantee the preferreds.
The securities will be convertible into common stock beginning in 2019 at a conversion price equal to the greater of $41.35 per common share or the three-month closing average stock price of the common in the first quarter of the conversion year.
The preferreds may be called after five years.
Proceeds from the capital raising will be used to support business growth and for general corporate purposes. The transaction is expected to be completed in the first quarter of 2009.
Tompkins Financial is an Ithaca, N.Y.-based multibank holding company.
| Issuer: | Tompkins Capital Trust I (Tompkins Financial Corp.)
|
| Security description: | Trust preferred securities
|
| Amount: | $15 million
|
| Shares: | 15,000
|
| Price: | $1,000
|
| Maturity: | 30 years
|
| Warrants: | No
|
| Call: | Callable after five years
|
| Conversion: | Convertible into Tompkins Financial Corp. common stock from 2019 at greater of $41.35 per common share or three-month closing average at start of conversion year
|
| Settlement date: | April 10
|
| Stock symbol: | Amex: TMP
|
| Stock price: | $45.95 at close April 9
|
| Market capitalization: | $433 million
|
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