By Stephanie N. Rotondo
Phoenix, June 5 - First PacTrust Bancorp Inc. sold $35 million of 8% series C noncumulative perpetual preferred stock, the company said in an FWP filed with the Securities and Exchange Commission on Wednesday.
The preferreds will be issued as depositary shares representing a 1/40th interest.
Goldman Sachs & Co. and Keefe, Bruyette & Woods Inc. are the joint bookrunning managers.
When declared, dividends will be paid on the 15th day of March, June, September and December, beginning Sept. 15. The preferreds become redeemable Sept. 15, 2018 at par plus accrued dividends.
Additionally, the preferreds can be called in whole within 90 days of a regulatory capital treatment event at par plus accrued dividends.
The Irvine, Calif.-based bank holding company has applied to list the preferreds on the Nasdaq Global Market under the ticker symbol "BANCP."
Proceeds will be used for possible acquisitions, to support organic growth, for investments or extensions of credit to subsidiaries, for investments in securities and for general corporate purposes.
| Issuer: | First PacTrust Bancorp Inc.
|
| Securities: | Series C noncumulative preferred stock
|
| Amount: | $35 million, or 1.4 million shares
|
| Greenshoe: | $5.25 million, or 210,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Goldman Sachs & Co., Keefe, Bruyette & Woods Inc.
|
| Lead manager: | D.A. Davidson & Co.
|
| Co-managers: | Wunderlich Securities Inc., Sandler O'Neill + Partners LP, Sterne Agee & Leach Inc., FIG Partners LLC
|
| Dividend: | 8%
|
| Price: | Par of $25.00
|
| Yield: | 8%
|
| Call options: | On or after Sept. 15, 2018 or within 90 days of a regulatory capital treatment event at par plus accrued dividends
|
| Pricing date: | June 5
|
| Settlement date: | June 12
|
| Cusip: | 33589V408
|
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