Merchants Bancorp Prices Perpetual Preferred Stock Offering
CARMEL, Ind. , Sept. 23, 2022 |PRNewswire| -- Merchants Bancorp ("Merchants") (NASDAQ: MBIN ), parent company of Merchants Bank of Indiana ("Merchants Bank"), announced the pricing of an underwritten public offering of 5,200,000 depositary shares, each representing a 1|40th ownership interest in a share of its 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock, without par value (the "Series D preferred stock"), with a liquidation preference of $25.00 per depositary share. Merchants has granted the underwriters a 30-day option to purchase 780,000 additional depositary shares of the Series D preferred stock, solely to cover over-allotments, if any. When, as, and if declared by the board of directors of Merchants, dividends will be payable on the Series D preferred stock from the date of issuance to, but excluding, October 1, 2027 at a rate of 8.25% per annum, payable quarterly, in arrears on January 1 , April 1 , July 1 and October 1 of each year, beginning January 1 , 2023.
Merchants Bancorp Prices Perpetual Preferred Stock Offering
CARMEL, Ind. , Sept. 23, 2022 |PRNewswire| -- Merchants Bancorp ("Merchants") (NASDAQ: MBIN ), parent company of Merchants Bank of Indiana ("Merchants Bank"), announced the pricing of an underwritten public offering of 5,200,000 depositary shares, each representing a 1|40th ownership interest in a share of its 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock, without par value (the "Series D preferred stock"), with a liquidation preference of $25.00 per depositary share. Merchants has granted the underwriters a 30-day option to purchase 780,000 additional depositary shares of the Series D preferred stock, solely to cover over-allotments, if any. When, as, and if declared by the board of directors of Merchants, dividends will be payable on the Series D preferred stock from the date of issuance to, but excluding, October 1, 2027 at a rate of 8.25% per annum, payable quarterly, in arrears on January 1 , April 1 , July 1 and October 1 of each year, beginning January 1 , 2023.