Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 10:33 AM
|This Slide: #243 of 573|
Slide #243. People's United Financial, Inc. — Preferred Stock Offering
People's United Financial, Inc. (NASDAQ:PBCT)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
People's United Financial, Inc. (NASDAQ: PBCT) today announced that it has priced a public offering of 10,000,000 shares, or $250 million in aggregate liquidation preference, of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the "Preferred Stock"). When, as and if declared by the board of directors, dividends on the shares of Preferred Stock will accrue and be payable from the date of original issuance to, but excluding December 15, 2026 at a rate of 5.625% per annum, payable quarterly in arrears, and from and including December 15, 2026, dividends will be payable at a floating rate equal to three-month LIBOR plus a spread of 4.02% per annum, payable quarterly in arrears.
People's United Financial is a bank holding company and a financial holding company. The principal business of Co. is to provide, through its subsidiary, People's United Bank, National Association and its subsidiaries, commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. Co.'s reportable segments are: Commercial Banking, which includes commercial real estate lending, middle market and business banking, mortgage warehouse and asset-based lending; and Retail Banking, which includes consumer lending (including residential mortgage and home equity lending) and consumer deposit gathering activities.
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Hold (2.00 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com