People’s United Financial offering $25-par fixed-to-floating rate noncumulative preferred stock

By Stephanie N. Rotondo

Seattle, Oct. 24 – People’s United Financial Inc. is selling $25-par series A fixed-to-floating rate noncumulative preferreds, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Goldman Sachs & Co. and Keefe Bruyette & Woods are the joint bookrunning managers. Janney Montgomery Scott LLC is the co-manager.

Dividends will be payable quarterly.

The preferreds become redeemable on a certain date or upon a regulatory capital treatment event at par plus accrued dividends.

The new issue will be listed on the Nasdaq Global Select Market.

The Bridgeport, Conn.-based bank holding company plans to use proceeds for general corporate purposes, including contributions of capital or extensions of credit to the bank.

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