By James McCandless
San Antonio, June 16 – Triumph Bancorp, Inc. priced a $45 million offering of $25-par series C fixed-rate non-cumulative perpetual preferred stock with a dividend of 7.125% at par, according to an FWP filing with the Securities and Exchange Commission.
There is a $6.75 million greenshoe
B. Riley FBR, Inc., D.A. Davidson & Co., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are the bookrunners.
Ladenburg Thalmann & Co. Inc. is the lead manager.
Dividends are payable on March 30, June 30, Sept. 30 and Dec. 30, starting on Sept. 30, 2020.
The preferreds are redeemable on or after June 30, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Triumph plans to use the proceeds for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions.
The company plans to list the preferreds on the Nasdaq under the symbol “TBKCP.”
Triumph is a Dallas-based financial holding company.
| Issuer: | Triumph Bancorp, Inc.
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| Description: | Series C fixed-rate non-cumulative perpetual preferred stock
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| Amount: | $45 million, or 1.8 million shares
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| Greenshoe: | $6.75 million, or 270,000 shares
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| Maturity: | Perpetual
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| Bookrunners: | B. Riley FBR, Inc., D.A. Davidson & Co., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc.
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| Lead manager: | Ladenburg Thalmann & Co. Inc.
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| Co-managers: | William Blair & Co. LLC, Incapital LLC, Boennig & Scattergood Inc. and Wedbush Securities Inc
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| Dividend: | 7.125%
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| Price: | Par of $25.00
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| Yield: | 7.125%
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| Call: | On or after June 30, 2025 at par; prior to that, within 90 days after a regulatory capital treatment event
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| Pricing date: | June 16
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| Settlement date: | June 19
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| Distribution: | SEC registered
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| Listing: | Nasdaq: TBKCP
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