New York, Feb. 8 - Southern Community Financial Corp. said it sold $15 million of convertible trust preferred securities with a distribution rate of 7.25% and a conversion price of $8.67.
The registered offering was sold via underwriter Ryan, Beck & Co., LLC.
Southern Community's stock closed at $6.89 Thursday.
The Winston-Salem, N.C. holding company for Southern Community Bank and Trust said previously it would use proceeds to provide Southern Community Bank with additional capital and may use part for general corporate purposes.
In a previous filing with the Securities and Exchange Commission, Southern Community said officers and directors of the company would buy 84,000 shares of the offering.
| Issuer: | Southern Community Capital Trust I
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| Amount: | $15 million (1.5 million securities at $10 per share)
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| Greenshoe: | $2.25 million (225,000 shares)
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| Maturity: | March 31, 2032
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| Distribution rate: | 7.25%, payable quarterly beginning March 31, 2032
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| Conversion price: | $8.67
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| Call: | At par beginning April 1, 2007
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| Listing: | "SCMF" on Nasdaq
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