By Susanna Moon
Chicago, Feb. 20 - 1st Source Corp. registered the $111 million of series A fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 shelf registration with the Securities and Exchange Commission.
Also covered under the registration is $16.65 million warrants to purchase 837,947 common shares, exercisable at $19.87 until Jan. 23, 2019.
The preferreds pay cumulative dividends at 5% per year until Feb. 15, 2014, after which they step up to 9%.
The preferreds may not be redeemed prior to Feb. 15, 2012 unless the company has obtained proceeds from one or more equity offerings of $27.75 million.
South Bend, Ind.-based 1st Source said it will not receive proceeds from the reselling holders.
| Issuer: | 1st Source Corp.
|
| Issue: | Series A preferred stock
|
| Amount: | $111 million (plus $16,650,007 warrants)
|
| Maturity: | Perpetual
|
| Dividend: | 5%, steps up to 9% after five years
|
| Call option: | Before Feb. 15, 2012 only with proceeds from equity offering(s) of $27.75 million; after Feb. 15, 2012 at par
|
| Warrants: | For 837,947 shares
|
| Warrant exercise price: | $19.87
|
| Warrant expiration: | Jan. 23, 2019
|
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