By James McCandless
San Antonio, Jan. 29 – Dime Community Bancshares, Inc. priced $65.2 million of $25-par series A fixed-rate non-cumulative perpetual preferred stock (//BB-) at par with a dividend of 5.5% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
There is a $9.78 million greenshoe.
Raymond James & Associates, Inc. and Citigroup Global Markets Inc. are the joint bookrunners.
Dividends are payable on Feb. 15, May 15, Aug. 15, and Nov. 15, commencing on May 15, 2020.
The preferreds are redeemable on or after Feb. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.
Dime plans to use the proceeds for general corporate purposes, including support for organic growth.
The company plans to list the preferreds on the Nasdaq under the symbol “DCOMP.”
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: | $65.2 million, or 2,608,000 shares
|
| Greenshoe: | $9.78 million, or 391,200 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Raymond James & Associates, Inc. and Citigroup Global Markets Inc.
|
| Co-manager: | D.A. Davidson & Co.
|
| Dividend: | 5.5%
|
| Price: | Par of $25.00
|
| Yield: | 5.5%
|
| Call: | On or after Feb. 15, 2025 at par; prior to that, within 90 days after a regulatory capital event at par
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Rating: | Fitch: BB-
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: DCOMP
|
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