OceanFirst offers $25-par fixed-to-floating non-cumulative preferreds

By James McCandless

San Antonio, April 30 – OceanFirst Financial Corp. plans to price an offering of $25-par series A fixed-to-floating rate non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Piper Sandler & Co. and Raymond James & Associates, Inc. are the joint bookrunners.

Dividends are payable quarterly.

The dividend is fixed for five years, then converts to a rate of three-month SOFR plus a spread.

The preferreds are redeemable after five years. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.

OceanFirst plans to use the proceeds for general corporate purposes, which may include providing capital to support its organic growth or growth through strategic acquisitions, repaying debt, financing investments, capital expenditures, repurchasing shares of its common stock and for investments in the bank as regulatory capital.

The company plans to list the preferreds on the Nasdaq.

OceanFirst is a Red Bank, N.J.-based bank holding company.

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