By James McCandless
San Antonio, July 17 – MTBC, Inc. priced an additional $24 million more of its series A cumulative redeemable perpetual preferred stock at $25.00 per share with a dividend of 11%, according to a press release.
There is a $3.6 million greenshoe.
The deal, announced on Thursday, was upsized from an initial $20 million
B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the bookrunners.
Co-managers are Benchmark Co., Boenning & Scattergood, Inc., Chapin Davis Investments, Colliers Securities LLC and Wedbush Securities Inc.
Dividends are payable on the 15th day of each month.
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.
MTBC plans to use the proceeds for working capital, general corporate purposes and growth initiatives, including organic growth and potential future acquisitions.
On Friday morning, the preferreds (Nasdaq: MTBCP) were losing 1 cent to $25.02 on volume of about 210,000 shares.
MTBC is a Somerset, N.J.-based health care information technology company.
| Issuer: | MTBC, Inc.
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| Description: | Series A cumulative redeemable perpetual preferred stock
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| Amount: | $24 million, or 960,000 shares
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| Greenshoe: | $3.6 million, or 144,000 shares
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| Maturity: | Perpetual
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| Bookrunners: | B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp.
|
| Co-managers: | Benchmark Co., Boenning & Scattergood, Inc., Chapin Davis Investments, Colliers Securities LLC and Wedbush Securities Inc.
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| Dividend: | 11%
|
| Price: | Par of $25.00
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| Yield: | 11%
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| Call: | On or after Nov. 4, 2020 at par; prior to that, within 120 days after a change of control
|
| Pricing date: | July 17
|
| Settlement date: | July 21
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: MTBCP
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