Midland States Bancorp (MSBI) has priced their new issue of fixed rate reset preferred stock.
The issue prices at a juicy 7.75% initial coupon.
The company has sold 4.6 million $25 shares.
The pricing term sheet has not yet been filed with the SEC–but the company press release can be found here. More info will be posted when known.
11 thoughts on “Midland States Bancorp Prices Preferred Stock”
Selling at 25.20. Afew trades at 25.17 but I didn’t get a fill at that price.
Same. My order is in from Schwab.
Anyone see a temp ticker?
Jerrymac–just checked and not announced yet.
Just announced- MSBSV
Midland States Bancorp (NASDAQ:MSBI) on Wednesday priced a $115M underwritten public offering of 4.6M depositary shares.
Each depositary share represents a 1/40th interest in a 7.75% fixed rate reset non-cumulative perpetual preferred share, series A, par value $2/share, with a liquidation preference of $1K/share (equivalent to $25 per depositary share).
MSBI applied to list the depositary shares on Nasdaq Global Select Market under the ticker “MSBIP”.
Just announced as MSBSV
Tim: so we know the initial coupon is 7.75%, but we don’t know yet what the spread will be when it resets in 5 years, correct?
Egan-Jones (Who seems to rate almost everything BBB+) BBB-
nhcoast–exactly what I noticed right away—BBB-. A deep recession will cause issues for them. Their capital position is marginal (but this large issue will be helpful).
Hi Bur–that was correct at that time–of course now we know.