Iowa Banker Heartland Financial to Sell Preferred Issue–UPDATE TICKER


Heartland Financial (HTLF) is selling a new issue of Non-Cumulative preferred stock. HTLF is a holding company and owns banks in 11 different states.

Headquartered in little Dubuque, Iowa, the company has around $13 billion in assets.

The issue will be a fixed-rate reset preferred meaning it will have a fixed coupon for around 5 years and then will reset at the 5 year treasury plus a spread. It will then reset every 5 years there after while outstanding. Right now the 5 year treasury is around .30% – so the key to the issue is what the spread end up being (pricing not yet announced).

The issue will be non-cumulative, but qualified.

The issue will trade on NASDAQ under ticker HTLFP after a stint on the OTC grey market (ticker not yet announced).

The preliminary prospectus can be read here.

mcg was on this early with SteveA tagging on.

5 thoughts on “Iowa Banker Heartland Financial to Sell Preferred Issue–UPDATE TICKER”

  1. Pleasantly surprised to be able to open a starter position on HRLLL at par this morning using Fidelity online. This after being told by Merrill that I couldn’t buy it thru them because it was trading OTC.

    1. Yes, the adjustment was the key point for me…I respect Kroll rating agency. Still its a bank…But it didnt cut its common divi last crisis so maybe management is still conservative.

  2. I got some at $24.72 a few minutes ago. Not a fan of banks but not even close to being over exposed in this sector.

  3. OTC symbol is HRLLL
    Heartland Finl Usa Inc Depositary Shs Repstg 1/40th Perp Pfd Ser B
    (was looking to see if BIP OTC was published – not interested in this issue but I ran across it for those who are)

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