Stifel Financial to Offer New Preferred Issue

Stifel Financial Corporation (SF) will be offering a new issue of preferred stock in what is likely to be a ‘refinancing’ transaction.

SF has 4 other preferred issues outstanding including a 6.25% issue (SF-A) which becomes redeemable today.

While SF has not stated the intention to definitely call the SF-A issue it was listed as a possibility.

The preliminary prospectus can be found here.

J was on top of this one.

11 thoughts on “Stifel Financial to Offer New Preferred Issue”

  1. 7/21 – SF-A Call Notice
    https://www.sec.gov/Archives/edgar/data/720672/000119312521220784/d199324dex991.htm

    ST. LOUIS, July 21, 2021 – Stifel Financial Corp. (NYSE: SF) today announced that it will redeem all 6,000,000 of its depositary shares relating to its 6.25% Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) (NYSE: SF PRA). The redemption price will be $25.00 per depositary share plus accrued and unpaid dividends to, but excluding, the date of redemption, August 20, 2021.

  2. Don’t know the price of this issue yet.
    Price range was listed as 4.50% to 4.625%
    All my orders were filled however.
    And if I’m not satisfied with the price, I can decline to complete the trade.
    What a Thursday.

    RB

  3. Pretty stingy on common dividends…payout ratio is less than 15%. FCF provides more than ample coverage of the yield.

  4. New Issue Stifel Financial Corp (NYSE: SF)
    Series D Fixed Rate Non-Cumulative Redeemable
    Perpetual Preferred Depositary Shares
    $150.0mm
    4.625% area

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