F.N.B.'s $100 million of 7.25% fixed-to-floating noncumulative preferreds to list on NYSE Monday

By Stephanie N. Rotondo

Phoenix, Nov. 8 - F.N.B. Corp.'s $100 million of 7.25% series E fixed-to-floating rate noncumulative perpetual preferred stock will hit the New York Stock Exchange on Monday, according to a market source.

The deal priced Oct. 29. The ticker symbol will be "FNBPE."

Keefe, Bruyette & Woods Inc. and RBC Capital Markets were the joint bookrunning managers on the deal.

The preferreds were issued as depositary shares representing a 1/40th interest. The dividend will be fixed until Feb. 15, 2024, at which point it will reset to Libor plus 460 basis points.

Dividends will be paid on a quarterly basis.

The preferreds cannot be called until Feb. 15, 2024 except in the case of a regulatory capital treatment event.

The Hermitage, Pa.-based bank is using the proceeds, along with funds from a common stock offering, to redeem $131.5 million of trust preferreds.

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