MTBC plans $15 million add-on to $25-par 11% cumulative preferreds

By James McCandless

San Antonio, April 22 – MTBC, Inc. plans to price $15 million more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 11%, according to an 424B3 filing with the Securities and Exchange Commission.

There is an expected $2.25 million greenshoe.

The preferreds originally priced on Sept. 26, 2017.

B. Riley FBR Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the joint bookrunners.

Co-managers are Boenning & Scattergood Inc., Chapin Davis Investments, Wedbush Securities, Dougherty & Co. LLC and the Benchmark Co.

Dividends are payable monthly.

The preferreds are redeemable on or after Nov. 4, 2020 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.

MTBC plans to use the proceeds for working capital, general corporate purposes and growth, including organic growth and potential future acquisitions.

On Wednesday morning, the preferreds (Nasdaq: MTBCP) were falling 63 cents to $24.85 on volume of about 9,000 shares.

MTBC is a Somerset, N.J.-based health care information technology company.

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