By Christine Van Dusen
Atlanta, Jan. 22 – Customers Bancorp Inc. priced $25 million of 6.5% fixed-to-floating rate non-cumulative perpetual preferred stock, series D, at par of $25.00 on Friday, according to an FWP filing with the Securities and Exchange Commission.
The issue included 1 million depositary shares.
The securities are callable on any dividend payment date beginning March 15, 2021 at par plus accrued dividends. Dividends are payable March 15, June 15, Sept. 15 and Dec. 15, beginning March 15.
The preferreds are expected to be listed on the New York Stock Exchange under the symbol "CUBIPrD."
UBS Securities LLC and Morgan Stanley & Co. LLC were the bookrunners for the deal.
The issuer is based in Wyomissing, Pa.
| Issuer: | Customers Bancorp Inc.
|
| Description: | Fixed-to-floating rate non-cumulative perpetual preferred stock, series D
|
| Amount: | $25 million (1 million shares)
|
| Maturity: | Perpetual
|
| Bookrunners: | UBS Securities LLC, Morgan Stanley & Co. LLC
|
| Dividend: | 6.5%; beginning March 15, 2021 converts to Libor plus 509 bps
|
| Price: | Par of $25.00
|
| Call option: | Beginning March 15, 2021 and any dividend payment date thereafter at par plus accrued dividends; also par plus accrued dividends within 90 days of a “regulatory capital treatment event”
|
| Trade date: | Jan. 22
|
| Settlement date: | Jan. 29
|
| Listing: | NYSE: CUBIPrD
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