By Angela McDaniels
Tacoma, Wash., Jan. 22 - Park National Corp. registered $100 million of series of A fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury under the Troubled Asset Relief Program for public trading in an S-3 registration with the Securities and Exchange Commission.
The preferreds pay cumulative dividends at 5% per year up to but excluding Feb. 15, 2014, at which time they step up to 9%.
The preferreds are callable at par at any time from Feb. 15, 2012 onward. Park National can call them earlier only if it raises at least $25 million of proceeds from one or more equity offerings.
Also covered under the registration is a warrant to purchase 227,376 shares of common stock for $65.97 each for a total of $15 million. The warrant expires on Dec. 23, 2018.
If Park National raises at least $100 million through one or more equity offerings by Dec. 31, 2009, then the number of shares underlying the warrant will be reduced by half.
Park National is a bank holding company based in Newark, Ohio.
| Issuer: | Park National Corp.
|
| Issue: | Series A fixed-rate cumulative perpetual preferred stock
|
| Amount: | $100 million
|
| Maturity: | Perpetual
|
| Dividends: | 5% until Feb. 15, 2014, then 9%; payable quarterly
|
| Price: | $1,000
|
| Call option: | At par from Feb. 15, 2012 onward; callable earlier only if Park National raises $25 million or more through equity offering(s)
|
| Warrant: | For 227,376 shares of common stock
|
| Warrant exercise price: | $65.97
|
| Warrant expiration: | Dec. 23, 2018
|
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