By Devika Patel
Knoxville, Tenn., Nov. 7 – Fortress Biotech Inc. priced $25 million of 9.375% series A cumulative redeemable preferred stock at par on Tuesday, according to an FWP filed with the Securities and Exchange Commission. There is a $3.75 million over-allotment option.
B. Riley FBR, Inc., National Securities Corp. and H.C. Wainwright & Co. are the joint bookrunners.
The securities will have a $25.00 liquidation preference.
The preferreds are redeemable after Dec. 15, 2022 at par plus accrued dividends.
The preferreds will be listed on the New York Stock Exchange under the ticker symbol “FBIOP.”
Proceeds will be used for operations, general corporate purposes, research and development, clinical trials, debt repayment and working capital.
The biopharmaceutical company is based in New York.
| Issuer: | Fortress Biotech Inc.
|
| Issue: | Series A cumulative redeemable preferred shares
|
| Amount: | $25 million or 1 million shares
|
| Greenshoe: | $3.75 million or 150,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | B. Riley FBR, Inc., National Securities Corp. and H.C. Wainwright & Co.
|
| Dividend: | 9.375%
|
| Price: | Par of $25.00
|
| Yield: | 9.375%
|
| Call options: | After Dec. 15, 2022 at par plus accrued dividends
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 14
|
| Expected listing: | NYSE: FBIOP
|
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