THE OTC GREY MARKET TICKER IS HRLLL.
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).
mcg was on this early with SteveA tagging on.