Taylor Capital arranges $60 million convertible preferreds, notes sale

By Devika Patel

Knoxville, Tenn., March 30 - Taylor Capital Group, Inc. said it plans to raise $60 million from a $30 million private placement of a new series of convertible preferred stock and a $30 million private placement of subordinated notes with detachable warrants. The terms of the deal have yet to be finalized.

Proceeds will be used as an ongoing source of strength for Cole Taylor Bank to better align its capital position and to support the company's and the bank's future growth plans.

The company also plans to issue up to 1.2 million common shares to induce holders of its existing $60 million in series A preferred stock to convert their holdings.

The planned structure of these transactions is intended to minimize dilution.

Taylor Capital is the Rosemont, Ill.-based holding company for Cole Taylor Bank, primary engaged in commercial banking.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.