Category: New Issue

SVB Financial Group (SIVB) has priced the previously announced new preferred stock offering.

The issue priced at 5.25% and will be non-cumulative, but qualified.

The issue is split investment grade with Moodys rating the issue Baa2 and S&P being at BB.

The issue will trade today under OTC Grey market ticker SIVBL.

The pricing term sheet can be seen here.

SteveA was right on the pricing under yesterdays announcement article.

California banking company SVB Financial Group (SVB) has announced a new issuance of fixed rate preferred stock.

The issue will be non-cumulative, but qualified and will have an early redemption period starting in February, 2025.

We find no rating for this new issue at this time from S&P, but it will be rated Baa2 by Moodys.

The issue will be traded on the NASDAQ once it trades on its permanent exchange under ticker SIVBP.

No OTC Grey Market ticker is yet known on the issue.

The preliminary prospectus can be found here.

The previously announced new preferred issue from private banker First Republic (FRC) has been priced.

The company will sell 14 million shares (with another 2 million available for overallotments) with a fixed rate coupon of 4.70%.

The issue will be non cumulative and qualified.

The issue is investment grade with a BBB- rating from Standand and Poors and Baa3 from Moodys.

The new issue will trade under permanent ticker FRC-J when it begins to trade on the permanent exchange.

The new issue will trade on the OTC Grey market starting immediately under the ticker FRCJL.

The company’s press release with the pricing can be found here.

Thanks to Jerry for having the coupon 1st–very early.

Private banker and investment firm First Republic (FRC) has announced the issuance of a new series of non cumulative preferred stock.

The coupon on this one will be low–5% or below–and will be qualified. The issue should be rated BBB- by Standard and Poors and Baa3 by Moodys

NOTE–for due diligence you should go to the company’s investor relations page here. Alternatively you can go to the FDIC website here and search for First Republic. The company is NOT under supervision of the SEC so filings will not be found there.

The preliminary paperwork can be found here.

Thanks to mcg for being on this one.

Fortress Transportation and Infrastructure (FTAI) priced their previously announced fixed to floating preferred stock with an initial fixed rate of 8%. The issue will float starting in 2024.

The company is a partnership and as such it will issue a K-1 at tax time. As a partnership it will not pay a qualified distribution.

The pricing term sheet can be read here.