First Republic's 7% noncumulatives to begin trading on NYSE Wednesday

By Stephanie N. Rotondo

Phoenix, Oct. 29 - First Republic Bank's $200 million of 7% series E noncumulative perpetual preferred stock will list on the New York Stock Exchange on Wednesday, according to a market source.

The expected ticker symbol is "FRCPE."

The preferreds - sold on Oct. 21 - were issued as depositary shares representing a 1/40th interest.

The securities were initially talked around 7.25% to 7.375% but were then pushed to 7.125% to 7.25%.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC were the joint bookrunning managers.

The preferreds are non-callable for five years.

Proceeds will be used for general corporate purposes, which may include funding loans or purchasing investment securities for its portfolio.

First Republic is a San Francisco-based bank.

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