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Merchants Bancorp to Sell New Fixed Rate Reset Preferred

Indiana banker Merchants Bancorp (MBIN) will be selling a new fixed rate reset perpetual preferred.

MBIN has 3 issues outstanding now which can be seen here–2 are fixed to floating rate and 1 is a fixed rate issue.

The issue will trade with a fixed rate until 10/1/2027 after which time the coupon will be reset at the 5 year treasury plus a fixed ‘spread’ which is not yet know (tonight).

The issue is likely unrated.

The preliminary prospectus can be read here.

RickS was right on this one with EarlyBird chiming in. Yield talk is 8% to 8.25%

4 thoughts on “Merchants Bancorp to Sell New Fixed Rate Reset Preferred”

  1. Zowwie! 8+ %! Debt payments are going to slurp off alot of profits that would otherwise fall to the bottom line.

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