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