Deal sells common shares at $4.75 each; preferreds sold at $475 each
By Devika Patel
Knoxville, Tenn., Sept. 9 – Trinity Capital Corp. arranged a $52 million private placement of stock and preferreds with Castle Creek Capital Partners VI, LP, Patriot Financial Partners II, LP, Patriot Financial Partners Parallel II, LP and Strategic Value Bank Partners, LP on Sept. 8, according to an 8-K filed Friday with the Securities and Exchange Commission. Boenning and Scattergood, Inc. is the agent.
The company will sell common shares at $4.75 apiece.
The investors also will buy series C non-voting mandatorily convertible non-cumulative preferred shares at $475 per preferred. The preferreds will not pay any dividends, and each preferred converts to 100 common shares.
Proceeds will be used to repurchase at par plus all deferred dividends all of the company's series A and series B preferred securities that were issued under the Treasury's Capital Purchase Program, to pay the deferred interest on four series of trust preferred securities and for other general corporate purposes.
Trinity Capital is a Los Alamos, N.M.-based financial institution.
| Issuer: | Trinity Capital Corp.
|
| Issue: | Common stock, series C non-voting mandatorily convertible non-cumulative preferred stock
|
| Amount: | $52 million
|
| Warrants: | No
|
| Agent: | Boenning and Scattergood, Inc.
|
| Investors: | Castle Creek Capital Partners VI, LP, Patriot Financial Partners II, LP, Patriot Financial Partners Parallel II, LP and Strategic Value Bank Partners, LP
|
| Pricing date: | Sept. 8
|
|
|
| Common shares
|
| Price: | $4.75
|
|
|
| Convertible preferreds
|
| Price: | $475
|
| Conversion rate: | Into 100 common shares (per preferred)
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
