By Andrea Heisinger
Omaha, May 22 - Popular, Inc. priced $400 million, or 16 million shares, of 8.25% non-cumulative preferred stock Thursday at par of $25, according to an FWP Securities and Exchange Commission filing.
The issue's size was increased from $350 million.
The perpetual stock will have a dividend paid monthly and is callable starting May 28, 2013.
Bookrunners were UBS Financial Services of Puerto Rico and Popular Securities.
Co-manager was Citigroup Global Markets Inc.
Proceeds will be used for general corporate purposes including funding subsidiaries and increasing the company's liquidity and capital.
The financial services provider is based in San Juan, Puerto Rico.
Issuer: | Popular, Inc.
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Issue: | Non-cumulative preferred stock
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Amount: | $400 million (16 million shares), increased from $350 million
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Maturity: | Perpetual
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Bookrunners: | UBS Financial Services of Puerto Rico, Popular Securities
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Co-manager: | Citigroup Global Markets Inc.
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Dividend: | 8.25%, paid monthly
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Price: | Par of $25
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Call: | On or after May 28, 2013
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Trade date: | May 22
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Settlement date: | May 28
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