Vineyard greenshoe exercised, raising convertibles to $28.75 million

New York, Sept. 22 - Vineyard National Bancorp said underwriters of its offering of series B non-cumulative convertible perpetual preferred stock exercised the $3.75 million over-allotment option in full, raising the size of the deal to $28.75 million.

The Rancho Cucamonga, Calif. bank holding company originally sold $25 million of the securities on Sept. 15 to yield 5.6% with a 22% initial conversion premium.

RBC Capital Markets was underwriter of the registered offering.

The Rancho Cucamonga, Calif. bank holding company will use $5 million of the proceeds to repay its line of credit, $2 million for working capital and other corporate purposes and the remainder will be contributed to the bank to support expansion and for general corporate purposes.

© 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.