Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 10:08 PM
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Slide #544. Oriental Financial Group Inc. — Preferred Stock Offering
Oriental Financial Group Inc. (NYSE:OFG)
Series D Non-Cumulative Perpetual Preferred Stock (OFG.PRD)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Oriental Financial Group Inc. announced that it has priced an underwritten public offering of 960,000 shares of its Series D non-cumulative perpetual preferred stock (the "Preferred Stock"), with a liquidation preference of $25.00 per share at a price to the public of $25.00 per share for gross proceeds of $24 million. Except in certain limited circumstances, the Preferred Stock is not redeemable prior to November 15, 2017. After that date, Oriental may redeem at its option, in whole or in part, the Preferred Stock at a redemption price of $25.00 per share plus any declared and unpaid dividends to, but excluding, the redemption date. Oriental intends to apply for the Preferred Stock to be listed on the New York Stock Exchange under the symbol "OFGPrD".
OFG Bancorp is a financial holding company. Through its subsidiaries, Co. provides banking and financial services and solutions to its clients, including commercial, consumer, auto, leasing, checking and savings accounts. Co. operates through three main business segments: Banking, which provides banking products such as deposits and commercial, consumer and mortgage loans; Wealth Management, which provides financial planning, money management and investment banking, investment advisory services, corporate and individual trust and retirement services, as well as retirement plan administration services; and Treasury, which encompasses all of Co.'s asset/liability management activities.
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