Series C preferreds convert to stock at 11.18% premium to market price
By Susanna Moon
Chicago, May 16 - First Mid-Illinois Bancshares, Inc. settled an additional $5.49 million of series C 8% non-cumulative perpetual convertible preferred stock on May 13 in the third tranche of a $27.5 million private placement, 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. The company raised $2.75 million on March 2.
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.
|
| Issue: | Series C 8% non-cumulative perpetual convertible preferred stock
|
| Amount: | $27.5 million
|
| Dividends: | 8%
|
| Conversion price: | $20.29
|
| Conversion premium: | 11.18%
|
| Call option: | After five years
|
| Warrants: | No
|
| Settlement dates: | Feb. 11 (for $11.01 million), March 2 (for $2.75 million), May 13 (for $5.49 million)
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| Stock symbol: | OTCBB: FMBH
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| Stock price: | $18.25 at close Feb. 10
|
| Market capitalization: | $111.16 million
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