| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Franklin Bank Corp. > News item |
Franklin Bank talks $100 million 20-year convertibles at 3.5%-4%, up 40%-45%, to price Thursday
By Kenneth Lim
Boston, April 11 - Franklin Bank Corp. plans to price $100 million of 20-year convertible senior notes on Thursday after the market closes, talked at a coupon of 3.5% to 4% and an initial conversion premium of 40% to 45%.
The convertibles will be offered at par.
RBC Capital Markets is the bookrunner of the registered offering.
The convertibles will be non-callable for the first five years and may be put in years five, 10 and 15.
There will be a contingent conversion trigger at 130% of the conversion price.
The convertibles will have dividend and takeover protection.
Franklin, a Houston-based bank, said it will use the proceeds of the deal to pay part of the purchase price of the First National Bank of Bryan in Bryan, Texas.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.