By Stephanie N. Rotondo
Phoenix, April 17 - Boston Private Financial Holdings Inc. is selling $50 million of 6.95% series D noncumulative perpetual preferred stock, the company said in a press release on Wednesday.
The preferreds will be issued as depositary shares representing a 1/40th interest.
Goldman Sachs & Co. and Keefe, Bruyette & Woods Inc. are the joint bookrunning managers.
When declared, dividends will be payable on the 15th day of March, June, September and December, beginning June 15. The preferreds can be redeemed at par plus accrued dividends on or after June 15, 2018.
Additionally, the company can call the securities in whole within 90 days of a regulatory capital treatment event.
Proceeds will be used to repurchase all outstanding series B noncumulative perpetual contingent convertible preferred stock held by an investment fund managed by the Carlyle Group.
The wealth management company is based in Boston.
| Issuer: | Boston Private Financial Holdings Inc.
|
| Securities: | Series D noncumulative preferred stock
|
| Amount: | $50 million, or 2 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Goldman Sachs & Co., Keefe, Bruyette & Woods Inc.
|
| Lead manager: | Jefferies & Co. Inc.
|
| Dividend: | 6.95%
|
| Price: | Par of $25.00
|
| Yield: | 6.95%
|
| Call options: | On or after June 15, 2018 or within 90 days of a regulatory capital treatment event at par plus accrued dividends
|
| Pricing date: | April 17
|
| Settlement date: | April 24
|
| Expected listing: | Nasdaq: BPFHP
|
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