By James McCandless
San Antonio, June 4 – Dime Community Bancshares, Inc. sold $40 million more of its $25-par series A fixed-rate non-cumulative perpetual preferred stock (//BB-) with a dividend of 5.5% at $19.87 per share, according to an FWP filing with the Securities and Exchange Commission.
There is a $7.5 million greenshoe.
There are $74.98 million of the preferreds outstanding, which priced on Jan. 29. The new preferreds will be fungible with the existing preferreds.
Raymond James & Associates, Inc. is the bookrunner.
Dividends are payable on Feb. 15, May 15, Aug. 15 and Nov. 15, starting on Aug. 15, 2020.
The preferreds are redeemable on or after June 15, 2025. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event.
Dime plans to use the proceeds for general corporate purposes.
On Thursday morning, the preferreds (Nasdaq: DCOMP) were down 60 cents to $20.25 on volume of about 36,000 shares.
Dime is a New York-based bank holding company.
| Issuer: | Dime Community Bancshares, Inc.
|
| Description: | Series A fixed-rate non-cumulative perpetual preferred stock
|
| Amount: | $40 million, or 2 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Co-manager: | D.A. Davidson & Co.
|
| Dividend: | 5.5%
|
| Price: | $19.87
|
| Liquidation preference: | $25.00
|
| Call: | On or after June 15, 2025; prior to that, within 90 days after a regulatory capital treatment event
|
| Pricing date: | June 3
|
| Settlement date: | June 10
|
| Rating: | Fitch: BB-
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: DCOMP
|
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