New Issue: Signature Bank sells $700 million $25-par 5% series A perpetual preferred stock

Chicago, Dec. 10 – Signature Bank sold $700 million from 28 million depositary shares of $25-par 5% series A non-cumulative perpetual preferred stock (//B) on Thursday, according to a press release in the evening.

The issue comes with a 30-day option for the underwriters to purchase up to 2 million additional depositary shares.

Morgan Stanley & Co. LLC, BofA Securities, Inc., Keefe, Bruyette & Woods, Inc. and UBS Securities LLC are the bookrunners.

The company plans to use the proceeds for general corporate purposes.

Signature Bank is a New York-based financial services company.

Issuer:	Signature Bank
Description:	Series A non-cumulative perpetual preferred stock
Amount:	$700 million, or 28 million shares
Greenshoe:	$50 million, or 2 million shares
Maturity:	Perpetual
Bookrunners:	Morgan Stanley & Co. LLC, BofA Securities, Inc., Keefe, Bruyette & Woods, Inc. and UBS Securities LLC
Dividend:	5%
Price:	Par of $25.00
Yield:	5%
Pricing date:	Dec. 10
Settlement date:	Dec. 17
Rating:	Fitch: BB

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