New York, Oct. 31 - Oriental Financial Group Inc. priced a $24 million offering of series D non-cumulative perpetual preferred stock at par of $25.00. The dividend was not immediately available.
Jefferies & Co., Inc. and Stifel, Nicolaus & Co., Inc. were joint bookrunnners.
Oriental sold 960,000 shares, increased from a planned 800,000. At the original size, the offering would have been for $20 million.
Proceeds will be used to help fund the purchase of the Puerto Rico operations of Banco Bilbao Vizcaya Argentaria, SA. If the acquisition is not completed, the company must give notice to redeem the preferreds at 101 on or before the third business day after Sept. 30, 2013.
Oriental is a San Juan, P.R.-based financial holding company.
| Issuer: | Oriental Financial Group Inc.
|
| Issue: | Series D non-cumulative perpetual preferred stock
|
| Amount: | $24 million (960,000 shares)
|
| Maturity: | Perpetual
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| Price: | Par of $25.00
|
| Call: | From Nov. 15, 2017 at par
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| Special call: | At 101 by the third business day after Sept. 30, 2013 if acquisition of Puerto Rico operations of Banco Bilbao Vizcaya Argentaria, SA is not completed
|
| Bookrunners: | Jefferies & Co., Inc. and Stifel, Nicolaus & Co., Inc.
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Listing: | New York Stock Exchange: OFDPrD
|
| Distribution: | Registered
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