People's United Financial, Inc. — Preferred Stock Offering
Company: People's United Financial, Inc.
Date announced: 10/24/2016
Shares Offered: 10,000,000
Date of Pricing: 10/24/2016
Price Per Share: $25.00
Preferred Stock Offering Details: People's United Financial, Inc. (NASDAQ: PBCT) today announced that it has priced a public offering of 10,000,000 shares, or $250 million in aggregate liquidation preference, of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the "Preferred Stock"). When, as and if declared by the board of directors, dividends on the shares of Preferred Stock will accrue and be payable from the date of original issuance to, but excluding December 15, 2026 at a rate of 5.625% per annum, payable quarterly in arrears, and from and including December 15, 2026, dividends will be payable at a floating rate equal to three-month LIBOR plus a spread of 4.02% per annum, payable quarterly in arrears.
People's United Financial is a savings and loan holding company. Through its bank subsidiary, People's United Bank, and other subsidiaries, Co. provides commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. Co.'s banking activities are conducted primarily within New England and southeastern New York, and include extending secured and unsecured commercial and consumer loans, originating mortgage loans secured by residential and commercial properties, and accepting consumer, commercial and municipal deposits. As of Dec 31 2015, Co. had total assets of $38.88 billion and total deposits of $28.42 billion.