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First Citizens BancShares calls in full 8.25% debentures, trust preferreds
By Jennifer Chiou
New York, Dec. 2 – First Citizens BancShares, Inc. will redeem all $51,547,000 of its 8.25% junior subordinated deferrable interest debentures due March 15, 2028 and all of its 8.25% trust preferred securities issued in 2998, according to an 8-K filed with the Securities and Exchange Commission.
Deutsche Bank National Trust Co. is the trustee.
The redemption price for the debentures will be 101.65 plus accrued interest to the Dec. 31 redemption date.
The trust preferreds were issued in the aggregate liquidation amount of $50 million. These securites will be redeemed at 101.65% of their liquidation amount plus accrued distributions to the redemption date, also Dec. 31.
The debentures were originally issued by First Citizens Bancorp, Inc. and were assumed by First Citizens BancShares in connection with Bancorp's merger into and with BancShares effective Oct. 1, 2014.
The financial holding company is based in Raleigh, N.C.
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