Wintrust plans $25-par fixed-rate reset non-cumulative preferreds

By James McCandless

San Antonio, May 6 – Wintrust Financial Corp. plans to price an offering of $25-par series E fixed-rate reset non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The lead manager is Raymond James & Associates, Inc.

Incapital LLC is the co-manager.

Dividends are payable on Jan. 15, April 15, July 15 and Oct. 15, beginning on Oct. 15, 2020.

The dividend is fixed until July 15, 2025, then resets every five years to the five-year Treasury rate plus a spread.

The preferreds are redeemable on or after July 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.

Wintrust plans to use the proceeds for general corporate purposes.

The company plans to list the preferreds on the Nasdaq under the symbol “WTFCE.”

Wintrust is a Rosemont, Ill.-based bank holding company.

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