By Devika Patel
Knoxville, Tenn., April 20 - North Valley Bancorp said it plans a $40 million private placement of series A mandatorily convertible cumulative perpetual preferred stock.
The company is selling 40,000 preferreds at $1,000 apiece.
The preferreds are initially convertible into common shares at $1.50 per share, or into 666.67 shares per preferred, and will automatically convert after the company obtains shareholder approval for the deal.
Sandler O'Neill & Partners, LP and FIG Partners are the agents.
The bank holding company is headquartered in Redding, Calif.
| Issuer: | North Valley Bancorp
|
| Issue: | Series A mandatorily convertible cumulative perpetual preferred stock
|
| Amount: | $40 million
|
| Shares: | 40,000
|
| Price: | $1,000
|
| Conversion price: | $1.50
|
| Conversion ratio: | Into 666.67 shares (per preferred)
|
| Warrants: | No
|
| Agents: | Sandler O'Neill & Partners, LP and FIG Partners
|
| Pricing date: | April 20
|
| Stock symbol: | Nasdaq: NOVB
|
| Stock price: | $2.20 at close April 20
|
| Market capitalization: | $16.5 million
|
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