By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – NexBank Capital, Inc. completed a private placement of $20 million additional series B floating-rate preferred stock on Sept. 23, according to a press release on Tuesday.
This brings the total amount of the company’s preferred stock offerings to $280 million since the initial closing in 2021.
The company previously issued a private placement comprising $78 million of series B floating-rate non-cumulative perpetual preferred stock on April 14 and $122 million of 6% series A fixed-rate reset non-cumulative perpetual preferred stock in two parts, first in Sept. 1, 2021, then on April 14. The company issued an additional $60 million of series B preferreds on May 2.
The preferreds were given a BBB rating from Egan-Jones Ratings Co.
Jefferies LLC served as financial adviser and Hunton Andrews Kurth LLP served as legal counsel to NexBank in the offering.
Proceeds will be used as growth capital and for other general corporate purposes.
NexBank Capital is a Dallas-based financial services company.
| Issuer: | NexBank Capital, Inc.
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| Amount: | $20 million add-on
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| Issue: | Floating-rate non-cumulative perpetual preferred stock, series B
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| Maturity: | Perpetual
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| Counsel to issuer: | Hunton Andrews Kurth LLP
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| Dividend: | Floating
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| Settlement date: | Sept. 23
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| Rating: | Egan-Jones: BBB
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| Distribution: | Private placement
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| Total preferred issuance: | $280 million, including initial $200 million issued April 14 and Sept. 1, 2021 and $60 million add-on issued on May 2
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