By James McCandless
San Antonio, May 6 – Wintrust Financial Corp. priced a $250 million offering of $25-par series E fixed-rate reset non-cumulative perpetual preferred stock (//BB/DBRS: BBB) with an initial dividend of 6.875% at par, according to an FWP filing with the Securities and Exchange Commission.
There is a $37.5 million greenshoe.
The deal was announced Wednesday morning
RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The lead manager is Raymond James & Associates, Inc.
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 650.7 basis points
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.
| Issuer: | Wintrust Financial Corp.
|
| Description: | Series E fixed-rate reset non-cumulative perpetual preferred stock
|
| Amount: | $250 million, or 10 million shares
|
| Greenshoe: | $37.5 million, or 1.5 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | RBC Capital Markets, LLC and Wells Fargo Securities, LLC
|
| Joint lead manager: | Raymond James & Associates, Inc.
|
| Co-manager: | Incapital LLC
|
| Dividend: | 6.875% until July 15, 2025, then resets every five years to the five-year Treasury rate plus 650.7 bps
|
| Price: | Par of $25.00
|
| Call: | On or after July 15, 2025 at par; prior to that, within 90 days after a regulatory capital treatment event at par
|
| Pricing date: | May 6
|
| Settlement date: | May 15
|
| Ratings: | Fitch: BB
|
| DBRS: BBB
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: WTFCE
|
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