By William Gullotti
Buffalo, N.Y., April 18 – NexBank Capital, Inc. completed a private placement of $200 million of preferred stock to institutional investors on April 14, according to a press release on Monday.
The private placement comprises $78 million of series B floating-rate non-cumulative perpetual preferred stock and a $122 million add-on of 6% series A fixed-rate reset non-cumulative perpetual preferred stock, first issued Sept. 1, 2021.
The preferreds were given a BBB rating from Egan-Jones Ratings Co.
Jefferies LLC served as financial adviser and Hunton Andrews Kurth LLP served as legal counsel to NexBank in the offering.
Proceeds will be used as growth capital and for other general corporate purposes.
NexBank Capital is a Dallas-based financial services company.
| Issuer: | NexBank Capital, Inc.
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| Issue: | Non-cumulative perpetual preferred stock
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| Amount: | $200 million
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| Maturity: | Perpetual
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| Settlement date: | April 14
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| Rating: | Egan-Jones: BBB
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| Distribution: | Private placement
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| Series B
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| Issue: | Floating-rate non-cumulative perpetual preferred stock, series B
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| Amount: | $78 million
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| Dividend: | Floating
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| Series A
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| Issue: | Fixed-rate reset non-cumulative perpetual preferred stock, series A (add-on)
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| Amount: | $122 million
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| Maturity: | Perpetual
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| Dividend: | 6%
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| Total issue: | $222 million, including initial $100 million issued Sept. 1, 2021
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