ABC Bancorp to price $25 mln trust preferred securities

By Paul A. Harris

St. Louis, Mo., Oct. 25 - ABC Bancorp will price a $25 million offering of trust preferred securities due 2031 on Nov. 5 or 6, a syndicate source told Prospect News Thursday.

Bookrunners for the offering, which will be sold through ABC Bancorp Capital Trust I, Sterne, Agee & Leach, Inc. and Morgan Keegan & Co., the source added.<

The offering will be comprised of 2.5 million $10 shares that will be traded on the NASDAQ, the source said, adding that the securities are non-callable for five years. ABC Bancorp has not applied for a rating, according to the syndicate official.

The deal will hit the road Friday or Monday, the source said.

Proceeds will be used to pay the Moultrie, Ga.-based bank holding company's bank debt, to make capital contributions to bank subsidiaries, and for general corporate purposes including potential acquisitions, according to the syndicate source.

End

© 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.