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Customers Bancorp’s $50 million 6.45% fixed-to-float noncumulative preferreds admitted to NYSE
By Stephanie N. Rotondo
Seattle, April 29 – Customers Bancorp Inc.’s $50 million of 6.45% series E fixed-to-floating rate noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Friday.
The ticker symbol is “CUBIPE.” The deal priced April 21.
Initial price talk was around 6.5%.
UBS Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunners.
When declared, dividends will be payable quarterly at a fixed rate until June 15, 2021. At that time, the rate will float at Libor plus 514 basis points.
The preferreds become redeemable on or after June 15, 2021 or within 90 days of a regulatory capital treatment event at par plus accrued dividends.
The Wyomissing, Pa.-based bank will use the proceeds for general corporate purposes, which may include working capital and the funding of organic growth at Customers Bank.
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