Live Oak Bancshares closes $100M preferred stock offering, net proceeds ~$96.15M

Live Oak Bancshares, Inc.

Issued 4M depositary shares representing Series A 8.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock.
Aggregate liquidation preference of $100M ($25 per depositary share).
Net proceeds of approximately $96.15M after underwriting discounts and estimated expenses.
Joint book-running managers: Morgan Stanley, RBC, UBS, and Keefe, Bruyette & Woods.
Depositary shares listed on NYSE under symbol 'LOB PR A'.

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