By Wendy Van Sickle
Columbus, Ohio, April 22 – First Guaranty Bancshares Inc. priced $30 million, or 1.2 million shares, of 6.75% $25-par series A non-cumulative perpetual preferred stock at par, according to a 424B5 filing with the Securities and Exchange Commission.
There is a $4.5 million greenshoe.
The preferreds are callable after five years in whole or in part at par plus accrued and unpaid dividends. They are also callable in whole or in part within 90 days of a regulatory capital treatment event.
Dividends will be payable every March 1, June, Sept. 1 and Dec. 1, beginning June 1, 2021.
Janney Montgomery Scott LLC is the bookrunning manager of the offering, for which proceeds will be used for general corporate purposes, including working capital and organic growth or potential acquisitions.
The preferreds are expected to be listed on the Nasdaq Global Market under the symbol “FGBIP.”
The commercial bank is based in Hammond, La.
Issuer: | First Guaranty Bancshares Inc.
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Issue: | Series A non-cumulative perpetual preferred stock
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Amount: | $30 million, or 1.2 million shares
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Greenshoe: | $4.5 million, or 180,000 shares
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Maturity: | Perpetual
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Bookrunner: | Janney Montgomery Scott LLC
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Dividend: | 6.75%
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Price: | Par of $25.00
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Yield: | 6.75%
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Call: | In whole or in part after five years at par
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Pricing date: | April 22
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Settlement date: | April 27
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Distribution: | SEC registered
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Symbol: | Nasdaq: FGBIP
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