By James McCandless
San Antonio, May 27 – Pinnacle Financial Partners, Inc. sold a $120 million offering of $25-par series B fixed-rate non-cumulative perpetual preferred stock (Kroll: BBB-/Egan-Jones: BBB+) at par with a dividend of 6.75%, according to an FWP filing with the Securities and Exchange Commission.
There is an $18 million greenshoe.
The deal was announced Wednesday morning.
Keefe, Bruyette & Woods, Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Raymond James & Associates, Inc. are the joint bookrunners.
Dividends are payable on March 1, June 1, Sept. 1 and Dec. 1, starting on Sept. 1, 2020.
The preferreds are redeemable on or after Sept. 1, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Pinnacle plans to use the proceeds for general corporate purposes, which may include working capital, capital investments and expenditures, repayment of outstanding debt and capitalizing its subsidiaries.
The company plans to list the preferreds on the Nasdaq under the symbol “PNFPP.”
Pinnacle is a Nashville-based bank holding company.
| Issuer: | Pinnacle Financial Partners, Inc.
|
| Description: | Series B fixed-rate non-cumulative perpetual preferred stock
|
| Amount: | $120 million, or 4.8 million shares
|
| Greenshoe: | $18 million, or 720,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Keefe, Bruyette & Woods, Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Raymond James & Associates, Inc.
|
| Dividend: | 6.75%
|
| Price: | Par of $25.00
|
| Yield: | 6.75%
|
| Call: | On or after Sept. 1, 2025 at par; prior to that, within 90 days after a regulatory capital treatment event
|
| Pricing date: | May 27
|
| Settlement date: | June 3
|
| Ratings: | Kroll: BBB-
|
| Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: PNFPP
|
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