Merchants Bancorp prices $230M 7.625% Series E preferred stock offering to redeem Series B preferred

Merchants Bancorp

Offering of 9.2M depositary shares at $25 each, representing Series E 7.625% non-cumulative perpetual preferred stock.
Dividends at 7.625% payable quarterly starting Jan 1, 2025; redeemable at $25 per share at Merchants' option.
Net proceeds to redeem existing Series B preferred stock and for general corporate purposes.
Expected close Nov 25, 2024; joint bookrunners: Morgan Stanley, UBS, Piper Sandler, Raymond James.

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