By James McCandless
San Antonio, Feb. 21 – Stifel Financial Corp. priced a $150 million offering of $25-par series B non-cumulative preferred stock (BB-/B+) at par with a dividend of 6.25%, according to an FWP filing with the Securities and Exchange Commission.
There is a $22.5 million greenshoe.
The offering, announced Thursday morning, came in below talk for a dividend in the 6.375% area.
Keefe, Bruyette & Woods, Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. are the joint bookrunners.
The preferreds are redeemable on or after March 15, 2024 at par. Prior to that, they are redeemable following a capital treatment event.
Stifel plans to use the proceeds for general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “SFPrB.”
Stifel is a St. Louis-based financial services company.
| Issuer: | Stifel Financial Corp.
|
| Description: | Series B non-cumulative preferred stock
|
| Amount: | $150 million, or 6 million shares
|
| Greenshoe: | $22.5 million, or 900,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Keefe, Bruyette & Woods, Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.
|
| Co-manager: | JMP Securities LLC
|
| Dividend: | 6.25%
|
| Price: | Par of $25.00
|
| Yield: | 6.25%
|
| Call: | On or after March 15, 2024 at par. Prior to that, after a capital treatment event
|
| Pricing date: | Feb. 21
|
| Settlement date: | Feb. 28
|
| Ratings: | S&P: BB-
|
| Fitch: B+
|
| Distribution: | SEC registered
|
| Listing: | NYSE: SFPrB
|
| Talk: | 6.375% area
|
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