By Devika Patel
Knoxville, Tenn., Dec. 30 - Center Financial Corp. said it plans a $73.5 million private placement of series B mandatorily convertible non-cumulative non-voting perpetual preferred stock.
The company will sell 73,500 preferreds at $1,000 apiece.
The preferreds will automatically convert into common shares at an initial conversion price of $3.75 per share after the company has received shareholder approval. A meeting is expect to be held by March 31.
FIG Partners is the agent.
Los Angeles-based Center Financial is a bank holding company.
| Issuer: | Center Financial Corp.
|
| Issue: | Series B mandatorily convertible non-cumulative non-voting perpetual preferred stock
|
| Amount: | $73.5 million
|
| Shares: | 73,500
|
| Price: | $1,000
|
| Conversion price: | $3.75
|
| Warrants: | No
|
| Agent: | FIG Partners
|
| Pricing date: | Dec. 30
|
| Stock symbol: | Nasdaq: CLFC
|
| Stock price: | $5.12 at close Dec. 30
|
| Market capitalization: | $86 million
|
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