By Stephanie N. Rotondo
Phoenix, July 27 - The Department of the Treasury sold $21.47 million of debt securities issued by Diamond Bancorp Inc. via a modified Dutch auction, the agency said in a press release on Friday.
The auction began Tuesday and wrapped up Thursday.
The $1,000-par 7.7% senior subordinated securities were priced at $730.25, resulting in $14.93 million of gross proceeds. The Treasury also sold 13.8% warrant senior subordinated securities at $770.50 each for proceeds of $787,451.
The Treasury auctioned off preferred stock and subordinated debt of 12 institutions at the three-day auction. All of the securities had been previously acquired by the Treasury via the Troubled Asset Relief Program.
This auction was the first that has occurred where the Treasury sold off securities from companies that had no publicly traded common stock.
All told, the Treasury took in $248.5 million from the auction.
Settlement is expected Aug. 9 and Aug. 10.
Diamond Bancorp a Washington, Mo.-based financial holding company.
Issuer: | Diamond Bancorp Inc.
|
Amount: | $21,467,000
|
Par amount: | $1,000 each
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Pricing date: | July 26
|
Settlement date: | Aug. 9 or Aug. 10
|
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Senior subordinated securities
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Amount: | $20,445,000
|
Coupon: | 7.7%
|
Price: | $730.25
|
|
Warrant senior subordinated securities
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Amount: | $1,022,000
|
Coupon: | 13.8%
|
Price: | $770.50
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