Webster Financial to price series F perpetual preferred stock

By Devika Patel

Knoxville, Tenn., Dec. 5 – Webster Financial Corp. plans to market series F non-cumulative perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission.

BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the bookrunners.

The offering will consist of depositary shares each representing 1/1,000th of an interest in a share of preferred stock.

The preferreds are redeemable on any dividend payment date beginning Dec. 15, 2022 at $25,000 per preferred, which is equivalent to $25.00 per depositary share, plus any unpaid dividends.

The company plans to list the new preferreds on the New York Stock Exchange under the ticker symbol “WBSPrF.”

Proceeds will be used to redeem all of the company’s series E preferreds, at a redemption price equal to $25.40 per depository share.

Webster Financial is a Waterbury, Conn.-based bank holding company.

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