By Jennifer Chiou
New York, Dec. 12 - Trustmark Corp. filed an S-3ASR filing with the Securities and Exchange Commission to register on behalf of the U.S. Treasury its fixed-rate series A cumulative perpetual preferreds and common stock underlying a warrant.
Trustmark said that the maximum offering price for the preferreds is $215 million and the maximum for the common shares underlying the warrants is $31.29 million for about 1.65 million shares.
The preferreds pay cumulative dividends on a quarterly basis at a rate of 5% per year until Feb. 15, 2014. Thereafter, they pay 9%.
The preferreds may not be redeemed prior to Feb. 15, 2012 unless the company has received gross proceeds from one or more qualified offerings of at least $53.75 million.
The company said that it will not receive any proceeds from the selling holders.
The Jackson, Miss.-based company, through its subsidiaries, provides banking and financial services.
| Issuer: | Trustmark Corp.
|
| Total amount: | $246,294,210
|
| Announcement date: | Dec. 12
|
|
|
| Series A fixed-rate cumulative perpetual preferred stock
|
| Amount: | $215 million
|
| Preferreds: | 215,000
|
| Maximum price: | $1,000 per preferred
|
| Dividends: | 5% per year until Feb. 15, 2014; 9% thereafter
|
| Call: | Not before Feb. 15, 2012 unless the company has received gross proceeds from one or more qualified offerings of at least $53.75 million
|
|
|
| Common stock underlying warrants
|
| Amount: | $31,294,210
|
| Stock: | 1,647,931 common shares
|
| Maximum price: | $18.99 per share
|
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