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Preferred Stock Calendar
On The Horizon
BNC BANCORP:
$50 million of fixed-to-floating rate subordinated notes due 2024
Sandler O'Neill + Partners LP (bookrunner)
Callable in 2019 or in the event of a tax or regulatory capital treatment event, or if the company has to register as an investment company
Proceeds will be used to pay down a senior unsecured term loan
High Point, N.C.-based holding company for Bank of North Carolina
HALLMARK FINANCIAL SERVICES INC.:
$25 million of $25-par senior unsecured notes due August 2024
Sandler ONeill + Partners and Incapital (bookrunners)
Redeemable
Proceeds will be used for working capital and general corporate purposes, which may include opportunistic business acquisitions and common stock repurchases
Fort Worth, Texas-based insurance holding company
NATIONAL GENERAL HOLDINGS CORP.:
$100 million of series B noncumulative perpetual preferred stock
Morgan Stanley & Co. LLC and UBS Securities LLC (bookrunners)
Redeemable
Proceeds will be used for general corporate purposes, which may include acquisitions and supporting current and future policy writings
New York-based insurance holding company
STARWOOD WAYPOINT RESIDENTIAL TRUST:
$100 million of series A cumulative redeemable perpetual preferred stock
Citigroup Global Markets Inc. (bookrunner)
Change-of-control feature
Proceeds will be contributed to the operating partnership in exchange for series A cumulative redeemable preferred units. Operating partnership will use funds to acquire assets and investments and for general corporate purposes
Oakland, Calif.-based real estate investment trust
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