By Angela McDaniels
Tacoma, Wash., April 23 - Taylor Capital Group, Inc. registered $104.82 million of series B fixed-rate cumulative perpetual preferred stock it sold to the U.S. Treasury Department for public trading in an S-3 registration with the Securities and Exchange Commission.
The Treasury bought the preferreds on Nov. 21, 2008 under the Troubled Asset Relief Program's Capital Purchase Program.
The preferreds pay cumulative dividends at 5% per year up to but excluding Feb. 15, 2014, at which time the dividend rate steps up to 9%.
The preferreds are callable at par at any time subject to the approval of the Federal Reserve Board and the redemption of at least $26.2 million of preferreds.
Also covered under the registration is a warrant to purchase 1,510,428 shares of common stock for $10.41 per share. The warrant expires on Nov. 21, 2018.
The company's stock closed at $14.38 (Nasdaq: TAYC) on Monday.
Taylor Capital Group is the bank holding company for Cole Taylor Bank. It is based in Chicago.
Issuer: | Taylor Capital Group, Inc.
|
Issue: | Series B fixed-rate cumulative perpetual preferred stock
|
Amount: | $104,823,000
|
Maturity: | Perpetual
|
Dividends: | 5% until Feb. 15, 2014, then 9%; payable quarterly
|
Liquidation amount: | $1,000
|
Call option: | At par subject to federal approval and minimum of $26.2 million redeemed
|
Warrant: | For 1,510,428 shares of common stock
|
Warrant exercise price: | $10.41
|
Warrant expiration: | Nov. 21, 2018
|
© 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.