Preferred Stock Calendar: NextEra talks new $25-par notes at 5.625%

June

BLACKROCK MARYLAND MUNICIPAL BOND TRUST: Preferred shares; proceeds to fund redemption of auction-rate preferred shares; tax-exempt closed-end fund of BlackRock Advisors, LLC, a New York investment management firm.

BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST: Preferred shares; proceeds to fund redemption of auction-rate preferred shares; tax-exempt closed-end fund of BlackRock Advisors, LLC, a New York investment management firm.

BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST: Preferred shares; proceeds to fund redemption of auction-rate preferred shares; tax-exempt closed-end fund of BlackRock Advisors, LLC, a New York investment management firm.

BLACKROCK VIRGINIA MUNICIPAL BOND TRUST: Preferred shares; proceeds to fund redemption of auction-rate preferred shares; tax-exempt closed-end fund of BlackRock Advisors, LLC, a New York investment management firm.

MASSACHUSETTS HEALTH & EDUCATION TAX-EXEMPT TRUST: Preferred shares; proceeds to fund redemption of auction-rate preferred shares; tax-exempt closed-end fund of BlackRock Advisors, LLC, a New York investment management firm.

NEXTERA ENERGY CAPITAL HOLDINGS INC.: $25-par series H junior subordinated debentures due June 15, 2072; talked around 5.625%; guaranteed by NextEra Energy Inc.; redeemable before June 15, 2017 with a make-whole premium or after at par plus accrued interest; also redeemable before June 15, 2017 in the event of a capital treatment event or at 102% of par in the event of certain rating changes; Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC (joint bookrunners); Raymond James & Co. and RBC Capital Markets (co-managers); proceeds to be used to repay commercial paper obligations and for general corporate purposes; Juno Beach, Fla.-based energy provider.

June 11-13: U.S. Department of the Treasury TARP auction

AMERIS BANCORP: $52 million fixed-rate cumulative preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on Feb. 15, 2014; company will not receive any proceeds from the sale; Moultrie, Ga.-based bank.

FARMERS CAPITAL BANCORP INC.: $30 million fixed-rate cumulative perpetual preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on May 15, 2014; company will not receive any proceeds from the sale; Frankfurt, Ky.-based bank holding company.

FIRST CAPITAL BANCORP INC.: $10.96 million series A fixed-rate cumulative perpetual preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on May 15, 2014; company will not receive any proceeds from the sale; Glen Allen, Va.-based financial holding company.

FIRST DEFIANCE FINANCIAL CORP.: $37 million fixed-rate cumulative preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on Feb. 15, 2014; company will not receive any proceeds from the sale; Defiance, Ohio-based financial institution.

LNB BANCORP INC.: $25.22 million of series B fixed-rate cumulative perpetual preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on Feb. 15, 2014; company will not receive any proceeds from the sale; Lorain, Ohio-based bank holding company.

TAYLOR CAPITAL GROUP INC.: $104.82 million series B fixed-rate cumulative perpetual preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on Feb. 15, 2014; company will not receive any proceeds from the sale; Chicago-based bank holding company for Cole Taylor Bank.

UNITED BANCORP INC.: $20.6 million of series A fixed-rate cumulative preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on Feb. 15, 2014; company will not receive any proceeds from the sale; Ann Arbor, Mich.-based bank.

On The Horizon

ALLSTATE CORP: $1.25 billion of preferreds and senior notes; proceeds to be used to repurchase $1 billion of stock and for repayment of 2012 debt; Northbrook, Ill.-based insurance company.

CREATIVE CASINOS, INC.: $90 million 7.5% senior redeemable perpetual preferred stock, non-callable for two years; downsized from $103.09 million; Jefferies, Morgan Stanley (joint bookrunners); Rule 144A and Regulation S with registration rights; to fund construction of a new casino and hotel located in Lake Charles, La.; Las Vegas-based gaming, lodging and entertainment company.

GABELLI EQUITY TRUST INC.: New series of preferred stock via a transferable rights offering for holders of the 6.2% series F cumulative preferreds; one right per each series F preferreds held; proceeds to redeem the series F preferreds and for investment purposes; Rye, N.Y.-based closed-end investment management fund.

GREENHUNTER ENERGY INC: $12.5 million of 10% series C cumulative preferred stock; $1.875 million over-allotment; $100 per share liquidation preference; investors receive 10 common stock warrants per preferred share, strike price of $2.00 per share; callable after 2015; C.K. Cooper & Co. (bookrunner and underwriter); proceeds for capital expenditures, working capital, acquisitions, directly or indirectly, of salt water disposal facilities, repayment or refinancing of debt, investments in subsidiaries, or general corporate purposes; Grapevine, Texas-based provider of water management services for oil and gas exploration in shale fields.

SOUTHERN FIRST BANCSHARES INC.: $17.29 million fixed-rate series T cumulative perpetual preferreds; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on May 15, 2014; company will not receive any proceeds from the sale; Greenville, S.C.-based holding company for Southern First Bank NA.

YADKIN VALLEY FINANCIAL CORP.: $49.31 million of fixed-rate cumulative perpetual preferreds including $36 million of series T preferreds and $13.31 million of series T-ACB preferreds; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% five years after issuance; company will not receive any proceeds from the sale; Statesville, N.C.-based bank.

© 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.