Series C preferreds convert to stock at 11.18% premium to market price
By Devika Patel
Knoxville, Tenn., March 4 - First Mid-Illinois Bancshares, Inc. settled a second tranche of a private placement of series C 8% non-cumulative perpetual convertible preferred stock on March 2, according to an 8-K filed Friday with the Securities and Exchange Commission. The company accepted subscriptions for $27.5 million of the newly authorized series of preferreds and sold $11.01 million of the securities on Feb. 11; it raised $2.75 million in the latest closing.
The preferreds are convertible into common stock at an initial conversion price of $20.29 per share, an 11.18% premium to the Feb. 10 closing share price of $18.25. The company may redeem the preferreds or force conversion after five years.
First Mid-Illinois is a Mattoon, Ill., financial holding company.
Issuer: | First Mid-Illinois Bancshares, Inc.
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Issue: | Series C 8% non-cumulative perpetual convertible preferred stock
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Amount: | $27.5 million
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Dividends: | 8%
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Conversion price: | $20.29
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Conversion premium: | 11.18%
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Call: | After five years
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Warrants: | No
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Settlement dates: | Feb. 11 (for $11.01 million), March 2 (for $2.75 million)
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Stock symbol: | OTCBB: FMBH
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Stock price: | $18.25 at close Feb. 10
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Market capitalization: | $111.16 million
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