The OTC Grey market ticker of MRBPP has been announced for this new issue.
Indiana banking company Merchants Bancorp (NASDAQ:MBIN) has finally priced the new perpetual preferred issue that they announced last week.
The issue will be fixed-to-floating rate with an initial coupon of 7%. The issue will move to floating rate on 4/1/2024 and will trade with a coupon which will reset quarterly at 3 month Libor plus a spread of 4.605%.
The company is offering 2 million shares plus 300,000 for over allotments.
The issue is non cumulative, since it is a banking company. Dividends should be qualified for tax treatment.
The issue is rated BBB+ by Egan-Jones (for what it is worth) and unrated by the major rating agencies.
The issue should trade with a permanent ticker of MBINP when it finally trades on the NASDAQ–no OTC ticker is yet announced.
Thanks to Nomad for seeing this one finally priced.