Merchants Bancorp Closes Depositary Share Offering
Merchants Bancorp (MBIN) has successfully closed its previously announced public offering of 9,200,000 depositary shares. Each share represents a 1/40th interest in a share of 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock, with a $25.00 liquidation preference per depositary share. The company secured net proceeds of approximately $222.8 million after deducting estimated expenses and underwriting discounts. The offering was managed by Morgan Stanley, UBS Securities, Piper Sandler, and Raymond James as joint bookrunning managers.
Merchants Bancorp (MBIN) ha ufficialmente concluso la sua offerta pubblica annunciata in precedenza di 9.200.000 azioni di deposito. Ogni azione rappresenta un interesse di 1/40 in un'azione di serie E a tasso fisso del 7,625% non cumulativa e perpetua, con una preferenza di liquidazione di $25,00 per azione di deposito. L'azienda ha ottenuto proventi netti di circa $222,8 milioni dopo aver dedotto le spese stimate e gli sconti sotto scrittori. L'offerta 猫 stata gestita da Morgan Stanley, UBS Securities, Piper Sandler e Raymond James in qualit脿 di co-manager.
Merchants Bancorp (MBIN) ha cerrado con 茅xito su oferta p煤blica previamente anunciada de 9,200,000 acciones de dep贸sito. Cada acci贸n representa un inter茅s de 1/40 en una acci贸n de 7.625% de acciones preferentes perpetuas no acumulativas de la Serie E, con una preferencia de liquidaci贸n de $25.00 por acci贸n de dep贸sito. La compa帽铆a asegur贸 un ingreso neto de aproximadamente $222.8 millones despu茅s de deducir gastos estimados y descuentos por suscripci贸n. La oferta fue gestionada por Morgan Stanley, UBS Securities, Piper Sandler y Raymond James como coadministradores de libro.
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Merchants Bancorp (MBIN) a r茅ussi 脿 clore son offre publique annonc茅e de 9 200 000 actions de d茅p么t. Chaque action repr茅sente un int茅r锚t de 1/40 dans une action de s茅rie E 脿 taux fixe de 7,625 % non cumulative et perp茅tuelle, avec une pr茅f茅rence de liquidation de 25,00 $ par action de d茅p么t. La soci茅t茅 a s茅curis茅 des produits nets d'environ 222,8 millions de dollars apr猫s d茅duction des frais estim茅s et des remises de souscription. L'offre a 茅t茅 g茅r茅e par Morgan Stanley, UBS Securities, Piper Sandler et Raymond James en tant que co-directeurs de livre.
Merchants Bancorp (MBIN) hat erfolgreich das zuvor angek眉ndigte 枚ffentliche Angebot von 9.200.000 Depotaktien abgeschlossen. Jede Aktie repr盲sentiert ein 1/40-Anteil an einer 7,625% festverzinslichen Serie E nicht kumulierten ewigen Vorzugsaktie mit einer $25,00 Liquidationspr盲ferenz pro Depotaktie. Das Unternehmen erzielte nach Abzug gesch盲tzter Kosten und Underwriting-Rabatte einen Nettobetrag von ca. $222,8 Millionen. Das Angebot wurde von Morgan Stanley, UBS Securities, Piper Sandler und Raymond James als Co-Buchmanager verwaltet.
- Raised $222.8 million in net proceeds through depositary shares offering
- Successfully completed capital raising initiative through major financial institutions
- Potential dilution of existing shareholders' equity through new share issuance
Insights
The successful completion of Merchants Bancorp's
This capital raise gives Merchants additional flexibility for potential growth opportunities and regulatory capital requirements. The non-cumulative structure is favorable for the bank as it provides flexibility in dividend payments. The perpetual nature of the preferred stock also means it qualifies as Tier 1 capital, enhancing the bank's regulatory capital ratios.
With a market cap of
Morgan Stanley & Co. LLC, UBS Securities LLC, Piper Sandler & Co., and Raymond James & Associates, Inc. acted as joint bookrunning managers for the offering.
A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Merchants with the Securities and Exchange Commission (the "SEC") and was declared effective by the SEC on August 17, 2022. A prospectus supplement relating to the offering has been filed with the SEC. The offering has been made by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained free of charge by visiting the SEC's website at , or may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, Second Floor,
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