By Wendy Van Sickle
Columbus, Ohio, July 15 – Stifel Financial Corp. priced $300 million of series D non-cumulative preferred stock (BB-/BB-) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
Stifel priced 12 million $25-par depositary shares, each representing a 1/1000th interest in a series D preferred share with a $25,000 liquidation preference.
Keefe, Bruyette & Woods, Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC are the joint bookrunners with Citigroup Global Markets Inc., U.S. Bancorp Investments, Inc. and Citizens Capital Markets, Inc. as lead managers.
Dividends are payable on March 15, June 15, Sept. 15 and Dec. 15 of each year starting on Sept. 15, 2021.
The preferreds are redeemable on or after Aug. 15, 2026 at par. The preferreds are also callable in whole after a capital treatment event.
Stifel plans to use the proceeds for general corporate purposes, which may include redeeming its 6.25% non-cumulative series A preferred stock.
The company plans to list the series D preferreds on the New York Stock Exchange under the symbol “SFPrD.”
Stifel is a St. Louis-based financial services company.
| Issuer: | Stifel Financial Corp.
|
| Description: | Series C non-cumulative preferred stock
|
| Amount: | $300 million, or 12 million shares
|
| Greenshoe: | None
|
| Maturity: | Perpetual
|
| Bookrunners: | Keefe, Bruyette & Woods, Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC
|
| Lead managers: | Citigroup Global Markets Inc., U.S. Bancorp Investments, Inc. and Citizens Capital Markets, Inc.
|
| Dividend: | 4.5%
|
| Price: | Par of $25.00
|
| Yield: | 4.5%
|
| Call: | On or after Aug. 15, 2026 at par; prior to that, within 90 days after a regulatory capital treatment event
|
| Pricing date: | July 15
|
| Settlement date: | July 22
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | SEC registered
|
| Listing: | NYSE: SFPrD
|
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