MTBC greenshoe lifts series A perpetual preferreds to $27.6 million

By Sarah Lizee

Olympia, Wash., July 21 – Underwriters for MTBC, Inc.’s series A cumulative redeemable perpetual preferred stock exercised their $3.6 million greenshoe in full, bringing the total deal size to $27.6 million, according to a press release.

As previously reported, the company priced $24 million of the preferred stock at $25.00 per share with a dividend of 11%.

The deal 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.

© 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.