Series A mandatorily convertible preferreds sold at $1,000 apiece
By Devika Patel
Knoxville, Tenn., Oct. 25 - Yadkin Valley Financial Corp. concluded a $45 million private placement of its series A mandatorily convertible, cumulative, nonvoting perpetual preferred stock on Oct. 23, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 45,000 preferreds at $1,000.00 each.
The preferreds will mandatorily convert into common stock at $2.80 per share, which is a 16.17% discount to the Oct. 22 closing share price of $3.34.
Each preferred will have a 12% dividend until March 31, 2013 and a 15% dividend after March 31, 2013.
Yadkin Valley Financial is an Elkin, N.C.-based bank holding company for Yadkin Valley Bank and Trust Co., a chartered commercial bank.
| Issuer: | Yadkin Valley Financial Corp.
|
| Issue: | Series A mandatorily convertible, cumulative, nonvoting perpetual preferred stock
|
| Amount: | $45 million
|
| Preferreds: | 45,000
|
| Price: | $1,000.00
|
| Dividends: | 12% until March 31, 2013, 15% after March 31, 2013
|
| Conversion price: | $2.80
|
| Warrants: | No
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Nasdaq: YAVY
|
| Stock price: | $3.34 at close Oct. 22
|
| Market capitalization: | $62.04 million
|
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