Merchants Bancorp closes $130M preferred stock offering; net proceeds ~$125.3M

Merchants Bancorp

Issued 5.2M depositary shares (1/40th interest) of 8.25% Fixed Rate Reset Series D Preferred Stock at $25/share.
Net proceeds of approximately $125.3M after underwriting discounts and estimated expenses.
Underwriters granted 30-day option to purchase up to 780k additional depositary shares for over-allotments.
Joint book-runners: Piper Sandler & Co., Morgan Stanley & Co. LLC, UBS Securities LLC.
Articles of amendment filed to authorize 149,500 shares of Series D Preferred Stock.

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