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