Comerica issues $400M of 6.875% Series B Preferred Stock, net proceeds $392.2M

COMERICA INC

Issued 16M depositary shares (each 1/40th interest) at $25 liquidation preference per share, totaling $400M.
Dividend rate of 6.875% fixed-rate reset, non-cumulative perpetual preferred stock.
Net proceeds of approximately $392.2M after underwriting discount and expenses.
Underwriters include BofA Securities, J.P. Morgan, Morgan Stanley, and RBC Capital Markets.
Restrictions on common stock dividends or repurchases if preferred dividends are not paid.

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