IberiaBank to Sell Fixed-to-Floating Preferred

Louisiana banking company IberiaBank (NASDAQ:IBKC) will sell a new issue of fixed-to-floating rate preferred stock.

Pricing and size of offering have not yet been released, but we know it will be non cumulative (since it is a bank) and the dividends will be qualified for preferential tax treatment.

We also know this issue will pay dividends just 2 times per year. While this is unusual for a $25/share preferred it is not unprecedented. IBKC had previously sold a preferred issue with semi-annual dividends. That issue can be seen here.

We note that dividends on the new issue will go to quarterly payments once it enters the floating rate stage. This is also true of the older issue noted above.

The preliminary prospectus on the new issue can be seen here.

The issue will not be rated as far as we can tell.

8 thoughts on “IberiaBank to Sell Fixed-to-Floating Preferred”

  1. Hey Tim, Looking over site pages ronite and do not see the new symbol OCCIP listed on the Prefs of CEFs page. Think this is correct location, have not spent a lot of time on diligence otherwise this last week. Thanks, JA

    1. Hi JoelA–yes I don’t spread them across all pages until the issues come off of OTC so they lag a few days.

      Yes–that page is the correct page and I will put them there–plus the other pages.

    1. aarod–as has been usual lately they get this ticker assigned before they get the pricing published.

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