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S&P rates Texas Capital preferreds B+
S&P said it assigned its B+ rating to Texas Capital Bancshares Inc.’s $300 million offering of series B noncumulative perpetual preferred stock.
“Our issue rating is notched from the company’s bbb- stand-alone credit profile and reflects the issue’s structural subordination and coupon deferability,” the agency said in a press release.
The company intends to use the proceeds for general corporate purposes, including the full redemption of the $150 million of series A preferred stock.
“We rate Texas Capital Bancshares, the bank holding company, BB+ and Texas Capital Bank, the main bank subsidiary, BBB-,” S&P said in a press release.
The outlooks on both entities are stable.
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