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Franklin Bank prices $100 million 20-year convertibles to yield 4%, up 40%
New York, April 12 - Franklin Bank Corp. priced $100 million of 20-year convertible senior notes on Thursday after the close to yield 4% with a 40% initial conversion premium.
The deal came at the cheap end of talk which put the coupon at 3.5% to 4% and the initial conversion premium at 40% to 45%.
The conversion price is $22.00.
RBC Capital Markets is the bookrunner of the off-the-shelf offering.
The convertibles are non-callable for five years and may be put in years five, 10 and 15.
There is a contingent conversion trigger at 130% of the conversion price.
The convertibles 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.
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