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Republic Bancorp to price up to $20 million 30-year convertible trust preferreds at 5%, up 56%
By Rebecca Melvin
New York, Dec. 9 - Republic Bancorp Inc. may raise up to $20 million in capital by offering convertible preferred securities of a wholly owned statutory trust to yield 5% with an initial conversion premium of about 56%, according to an 8-K filing.
Holders of the trust preferred securities, which will not be registered, will be able to convert the securities into shares of the company's class A common stock at a conversion price of $30 per share.
Proceeds will be used by the Capital Trust to invest in the company's subordinated debentures and ultimately to support business growth and for general corporate purposes.
The trust preferred securities and the company's subordinated debentures are both expected to have a 30-year maturity and carry a fixed interest rate of 5%.
The trust preferreds will be non-callable for five years.
Louisville, Ky.-based Republic Bancorp is the bank holding company for Republic Bank, which has 36 locations in Kentucky as well as five branches in Florida, Indiana and Ohio.
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