By Devika Patel
Knoxville, Tenn., March 15 - Heritage Oaks Bancorp raised about $56 million in a private placement of series B mandatorily convertible adjustable cumulative perpetual preferred stock and series C convertible perpetual preferred stock on March 12, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced for $60.03 million on March 10.
The company sold the series B preferreds at $1,000 apiece and the 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 with headquarters in Paso Robles, Calif.
Issuer: | Heritage Oaks Bancorp
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Issue: | Series B mandatorily convertible adjustable cumulative perpetual preferred stock and series C convertible perpetual preferred stock
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Amount: | $56 million (approximate)
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Warrants: | No
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Agents: | Sandler O'Neill & Partners, LP and FIG Partners
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Pricing date: | March 10
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Settlement date: | March 12
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Stock symbol: | Nasdaq: HEOP
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Stock price: | $3.45 at close March 10
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Market capitalization: | $27.5 million
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Series B
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Price: | $1,000
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Conversion ratio: | Into 307.69 common shares per preferred
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Series C
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Price: | $3.25
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Conversion ratio: | One for one
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