other material
confidence high
sentiment neutral
materiality 0.60
Merchants Bancorp closes $222.8M depositary share offering of Series E preferred stock
Merchants Bancorp
- Issued 9,200,000 depositary shares (each 1/40th share of 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock).
- Net proceeds of approximately $222.8 million after expenses and underwriting discounts and commissions.
- Joint bookrunning managers: Morgan Stanley, UBS, Piper Sandler, Raymond James.
- Liquidation preference: $25 per depositary share ($1,000 per preferred share).
- Closing date: November 25, 2024; shares trade on Nasdaq under symbol MBINL.