Chicago, Aug. 17 – Midland States Bancorp, Inc. priced a $115 million offering of 7.75% series A fixed-rate reset non-cumulative perpetual preferred stock on Wednesday, according to a news release.
The initial fixed rate will reset starting in 2027 and at five-year intervals thereafter.
The shares are redeemable at par with any unpaid dividends starting in 2027 and then on any dividend payment date.
Each $25-par depositary share will represent a 1/40th interest in a preferred share.
The shares will be listed on the Nasdaq under the symbol “MSBIP.”
Keefe, Bruyette & Woods Inc., Raymond James & Associates Inc. and Piper Sandler & Co. are working as joint bookrunners.
Proceeds will be used for general corporate purposes, which may include providing capital to support organic growth or growth through strategic acquisitions, repaying or redeeming outstanding debt, financing investments, capital expenditures, repurchasing shares of common stock and for further investments in the bank as regulatory capital.
The financial holding company is based in Effingham, Ill.
| Issuer: | Midland States Bancorp, Inc.
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| Amount: | $115 million, or 4.6 million shares
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| Issue: | Series A fixed-rate reset non-cumulative perpetual preferred stock
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| Maturity: | Perpetual
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| Bookrunners: | Keefe, Bruyette & Woods Inc., Raymond James & Associates Inc. and Piper Sandler & Co.
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| Co-managers: | D.A. Davidson & Co., Janney Montgomery Scott LLC and Stephens Inc.
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| Counsel to issuer: | Barack Ferrazzano Kirschbaum & Nagelberg LLP
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| Counsel to underwriters: | Squire Patton Boggs (US) LLP
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| Dividend: | 7.75% initial rate; resets on five-year anniversary and thereafter
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| Price: | Par of $25.00
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| Yield: | 7.75%
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| Trade date: | Aug. 17
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| Settlement date: | Aug. 24
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| Distribution: | SEC registered
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| Listing: | Nasdaq: MSBIP
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