By James McCandless
San Antonio, Nov. 26 – Fortress Biotech, Inc. provided more details on its $5.25 million add-on to its 9.375% $25-par series A perpetual preferred stock at $20.00 a share, according to an FWP filing with the Securities and Exchange Commission.
The preferreds have a $25.00 liquidation preference.
Benchmark Co. and ThinkEquity are the bookrunners.
There is a 45-day $787,500 greenshoe.
The notes were last reported traded under the symbol “FBIOP” on the Nasdaq Capital Market on Monday at $20.09 a share.
The securities will have the same terms as the 1,039,292 currently outstanding shares of the series A preferred stock.
The securities are redeemable on or after Dec. 15, 2022 at par plus accrued dividends. Prior to that, the preferreds are redeemable within 120 days after a change of control.
Fortress Biotech originally issued the preferreds in a $25 million offering at par on Nov. 14, 2017 and registered to sell up to $26 million more of the shares on April 5, 2018 at the same terms.
Proceeds from the latest reopening will be used for operations, including general corporate purposes, research and development, clinical trials, manufacture and supply of product and working capital.
The biopharmaceutical company is based in New York.
| Issuer: | Fortress Biotech, Inc.
|
| Description: | Series A cumulative redeemable preferred shares
|
| Amount: | $5.25 million, or 262,500 shares
|
| Greenshoe: | $787,500, or 39,375 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Benchmark Co. and ThinkEquity
|
| Co-manager: | Dawson James Securities, Inc.
|
| Dividend: | 9.375%
|
| Price: | Par of $20.00
|
| Liquidation preference: | $25.00
|
| Call: | On or after Dec. 15, 2022 at par; prior to that, within 120 days after a change of control
|
| Trade date: | Nov. 26
|
| Settlement date: | Nov. 29
|
| Listing: | NYSE: FBIOP
|
| Original issue: | $25 million issued on Nov. 14, 2017
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
