By Devika Patel
Knoxville, Tenn., March 10 - Heritage Oaks Bancorp arranged a $60.03 million private placement of series B mandatorily convertible adjustable cumulative perpetual preferred stock and series C convertible perpetual preferred stock on March 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company is selling 56,160 series B preferreds at $1,000 apiece and 1,189,538 series C preferreds at $3.25 per preferred.
The series B preferreds are each initially convertible into 307.69 common shares at $3.25 per share.
The series C preferreds are each convertible into one common share.
Sandler O'Neill & Partners, LP and FIG Partners are the agents.
Heritage Oaks Bancorp is a holding company for Heritage Oaks Bank, headquartered in Paso Robles, Calif.
| Issuer: | Heritage Oaks Bancorp
|
| Issue: | Series B mandatorily convertible adjustable cumulative perpetual preferred stock and series C convertible perpetual preferred stock
|
| Amount: | $60,026,000
|
| Warrants: | No
|
| Agents: | Sandler O'Neill & Partners, LP and FIG Partners
|
| Pricing date: | March 10
|
| Stock symbol: | Nasdaq: HEOP
|
| Stock price: | $3.45 at close March 10
|
| Market capitalization: | $26.8 million
|
|
|
| Series B
|
| Amount: | $56.16 million
|
| Shares: | 56,160
|
| Price: | $1,000
|
| Conversion ratio: | Into 307.69 common shares per preferred
|
| Conversion price: | $3.25
|
|
|
| Series C
|
| Amount: | $3,866,000
|
| Shares: | 1,189,538
|
| Price: | $3.25
|
| Conversion ratio: | One for one
|
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