First Republic’s 5.125% noncumulative preferred stock lists on NYSE

By Stephanie N. Rotondo

Seattle, June 9 – First Republic Bank’s $200 million of 5.125% series H noncumulative perpetual preferred stock listed on the New York Stock Exchange on Friday, a market source reported.

The ticker symbol is “FRCPrH.”

The deal came May 31. Price talk was 5.25%. The amount was increased from $150 million.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

The $25-par preferreds were issued as depositary shares representing a 1/40th interest.

The preferreds become callable on June 30, 2022.

Proceeds will be used to fund the company’s previously announced redemption of its 6.2% series B noncumulative preferreds (NYSE: FRCPrB), which will take place June 16. Any remaining funds 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 private bank and wealth management company.

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