Associated Banc-Corp Prices Preferred

Associated Banc-Corp has priced 4 million new shares (plus 1.242 million shares for overallotment) of a fixed rate, perpetual preferred with a coupon of 5.875%.

Of course the shares are non cumulative, being a banking company.  Dividends are qualified for tax purposes.

The issue is marginally investment grade–Baa3 from Moodys and BB from S&P.

The pricing term sheet can be read here.

Shares are trading on the OTC Grey market under the temporary ticker of ABCCL.  I see them last trading at $24.60.