Category: New Issue

Medallion Bank has priced a new issue of fixed rate reset preferred with an initial coupon of 9%. It will reset at the 5 year treasury plus a fixed spread of 4.94% on 7/1/2030–then reset every 5 years thereafter.

Medallion Bank is a division of Medallion Financial (MFIN).

Medallion Bank has a 8% fixed to floating issue outstanding (MBNKP) which is now floating at around 11% and they may call this issue with proceeds of the new offering.

Medallion Bank is regulated by the FDIC and all filings are on the FDIC website–NOT the SEC Edgar system.

If you go here and search for Medallion Bank you can access all of their filings.

Banker First Busey (BUSE) has priced their previously announced issue of non cumulative preferred stock.

They have price 8 million shares (and another 1.2 million for over allotment) with a coupon of 8.25%–shares are rated BBB- by Kroll Bond Rating agency.

No grey market ticker has been announced at time of publication.

The pricing term sheet can be read here.

Kroll commentary on First Busey

Banker First Busey (BUSE) has announced they will be selling a new issue of non cumulative fixed rate preferred stock.

First Busey is a modest sized banker with about $20 billion in assets and was formed in 1980.

As far as I know this is their first issuance of $25/share preferred stock (at least publicly traded). They do have a $1,000 issue outstanding.

The preliminary prospectus can be read here.

As almost always J was on top of this one.