By Wendy Van Sickle
Columbus, Ohio, March 23 – Medical Transcription Billing Corp. is placing another $10 million of its 11% series A cumulative redeemable perpetual preferred stock (Nasdaq: MTBCP) via a best-efforts offering, according to a prospectus filed with the Securities and Exchange Commission.
H.C. Wainwright & Co. is the placement agent. Boenning & Scattergood, Inc. is co-placement agent.
The preferreds will be sold at par of $25.00 per share. The last reported sale price of the series A preferreds was $26.25 on March 22.
Dividends are payable on the 15th day of each month. The preferreds become redeemable on Nov. 4, 2020 at par plus accrued dividends.
The preferreds are also redeemable upon a change of control.
Proceeds from the latest preferreds will be used for working capital, organic growth initiatives and general corporate purposes.
The company has previously issued multiple tranches of the 11% preferred shares. After this current offering, there will be 1,516,289 shares, or about $37.91 million, of the preferreds outstanding if the maximum number of shares are sold.
Medical Transcription is a Somerset, N.J.-based health care information technology company.
Issuer: | Medical Transcription Billing, Corp.
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Securities: | Series A cumulative redeemable perpetual preferred stock
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Amount: | $10 million, or 400,000 shares
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Maturity: | Perpetual
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Placement agent: | H.C. Wainwright & Co.,
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Co-placement agent: | Boenning & Scattergood, Inc.
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Dividend: | 11%, payable monthly
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Price: | Par of $25.00
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Call option: | After Nov. 4, 2020 at par and upon a change of control
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Pricing date: | March 23
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Preferred stock symbol: | Nasdaq: MTBCP
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Preferred stock price: | $26.25 at close March 22
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