Tupelo, Mississippi based banker BancorpSouth (BXS) has announced the issuance of a new preferred stock issue.
This issue is non-cumulative, qualified and has a 5.5% coupon.
The issue is rated Ba1 (junk) by Moodys. Note–junk doesn’t necessarily mean it is a bad issue.
The issue will trade OTC Grey market immediately under ticker BCSBP. The permanent ticker will be BXS-A when it moves to the permanent exchange.
Details such as 1st call date, dividend payment dates etc have not yet been filed. The bank is regulated by the FDIC and filings follow a different process than with the SEC.
Thanks to mcg and Gary for being on this issue.