By James McCandless
San Antonio, May 22 – TriState Capital Holdings, Inc. priced a $70 million offering of $25-par series B fixed-to-floating rate non-cumulative perpetual preferred stock (Kroll: BBB-) with an initial dividend of 6.375%, according to an FWP filing with the Securities and Exchange Commission.
There is a $10.5 million greenshoe.
The deal was announced Tuesday morning.
Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are the joint bookrunners.
The preferreds are redeemable on or after July 1, 2024. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event.
The dividend is fixed until July 1, 2026, then converts to a floating rate of Libor plus 408.8 basis points.
TriState Capital plans to use the proceeds for general corporate purposes, potentially including repurchases of its common stock, future acquisitions, its working capital needs and investments in its subsidiaries.
The company plans to list the preferreds on the Nasdaq under the symbol “TSCBP.”
TriState Capital is a Pittsburgh-based bank holding company.
| Issuer: | TriState Capital Holdings, Inc.
|
| Issue: | Series B fixed-to-floating rate non-cumulative perpetual preferred stock
|
| Amount: | $70 million, or 2.8 million shares
|
| Greenshoe: | $10.5 million, or 420,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc.
|
| Co-managers: | B. Riley FBR, Inc., Boenning & Scattergood, Inc. and Stephens Inc.
|
| Dividend: | 6.375% until July 1, 2026, then converts to a floating rate of Libor plus 408.8 bps
|
| Price: | Par of $25.00
|
| Call: | On or after July 1, 2024; prior to that, within 90 days after a regulatory capital treatment event
|
| Pricing date: | May 21
|
| Settlement date: | May 29
|
| Rating: | Kroll: BBB-
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: TSCBP
|
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