Bank holding company Tristate Capital (NASDAQ:TSC) has priced their new issue of fixed to floating rate preferred.
The shares are priced with a nice 6.375% initial coupon which remains in effect until 2026 after which the coupon will float at 3 month Libor plus a spread of 4.088%.
Shares are unrated by Standard and Poor’s and Moody’s, but are rated BBB- by Kroll Bond Rating Agency.
The company is selling 2.8 million shares with another 420,000 available for overallotments.
The dividends of course are non cumulative (being a banking company), but will be qualified.
The shares will trade with ticker TSCBP once they trade on NASDAQ. Shares in the mean time will trade on the OTC Grey Market under temporary ticker TRSXL. We expect good demand for the issue.