Midland States Bancorp (MSBI) has announced a new fixed rate reset perpetual preferred. A fixed rate reset pays a fixed coupon for about 5 years and then the coupon is reset to the 5 year treasury plus a fixed spread.
The issue will be qualified and non cumulative.
Midland is a fairly small banker located in Illinois–their most recent earnings release can be read here.
The preliminary prospectus can be read here.
3 thoughts on “Midland States Bancorp to Sell Fixed Rate Reset Preferred”
Good rate for this bank.
New Issue: Midland States Bancorp Inc (MSBI)
Series A Fixed-Rate Reset Non-Cumulative Redeemable
Perpetual Preferred Shares
BBB- (Egan Jones)
Price Talk: 7.75%
Thanks for the input EB