By Devika Patel
Knoxville, Tenn., July 29 - Taylor Capital Group, Inc. arranged a $50 million private placement of non-cumulative, convertible preferred stock on July 25, according to an8-K filed Tuesday with the Securities and Exchange Commission and a company press release.
The company will sell the preferreds to accredited investors led by Harrison I. Steans and Jennifer W. Steans.
The preferreds will be convertible into common shares at $10.00 per share. They will pay 8% in dividends.
Proceeds will be used for general corporate purposes, costs associated with the ongoing strategic process and continued development of Cardiome's clinical programs.
Taylor Capital is the Rosemont, Ill.-based holding company for Cole Taylor Bank, primary engaged in commercial banking.
| Issuer: | Taylor Capital Group, Inc.
|
| Issue: | Non-cumulative, convertible preferred stock
|
| Amount: | $50 million
|
| Dividend: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $10.00
|
| Warrants: | No
|
| Investors: | Harrison I. Steans and Jennifer W. Steans
|
| Pricing date: | July 29
|
| Stock symbol: | Nasdaq: TAYC
|
| Stock price: | $7.95 at close July 28
|
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