By James McCandless
San Antonio, May 27 – Fortress Biotech, Inc. priced a $10 million add-on to its 9.375% series A perpetual preferred stock (Nasdaq: FBIOP) at $18.00 on Tuesday, according to a press release. The preferreds have a $25.00 liquidation preference.
There is a $1.5 million greenshoe.
Benchmark Co. and ThinkEquity are the bookrunners.
The securities will have the same terms as the 2,054,917 currently outstanding shares of the series A preferred stock.
The preferreds are redeemable on or after Dec. 15, 2022 at par plus accrued dividends.
Fortress Biotech originally issued the preferreds in a $25 million offering at par on Nov. 14, 2017.
Proceeds will be used for operations, including general corporate purposes, research and development, clinical trials, manufacture and supply of product and working capital.
Fortress Biotech is a New York-based biopharmaceutical company.
| Issuer: | Fortress Biotech, Inc.
|
| Description: | Series A perpetual preferred stock
|
| Amount: | $10 million, or 555,556 million shares
|
| Greenshoe: | $1.5 million, or 83,333 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Benchmark Co. and ThinkEquity
|
| Dividend: | 9.375%
|
| Price: | $18.00
|
| Liquidation preference: | $25.00
|
| Call: | On or after Dec. 15, 2022 at par
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: FBIOP
|
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