MBINP Merchants Bancorp 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Preferred
We will pay dividends on the Series A preferred stock, when, as, and if declared by our board of directors. Dividends will be payable from the original date of issuance to, but excluding, April 1, 2024, at a rate of 7.00% per annum, payable quarterly, in arrears, on January 1, April 1, July 1, and October 1, of each year, beginning on July 1, 2019. From, and including, April 1, 2024, dividends will be payable at a floating rate equal to three-month LIBOR (as defined herein) plus a spread of 460.5 basis points per annum, payable quarterly, in arrears, on January 1, April 1, July 1, and October 1, of each year, beginning on April 1, 2024. Notwithstanding the foregoing, in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. We may redeem the Series A preferred stock at our option, subject to regulatory approval, at a redemption price equal to $25 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends) to, but excluding, the redemption date, (i) in whole or in part, from time to time, on any Dividend Payment Date on or after April 1, 2024, This security was issued by Merchants Bancorp, whose common stock symbol is MBIN.
$22.40 -0.29 (-1.28%)
As of 03/24/2023 13:43:09 EST IEX book CBOE book
Security Information
Category1: US Equity
Category2: Preferred stocks
Category3: Non-convertible
GICS sector: Financials
Industry: Banks-Regional
Index country: USA
Country of incorporation: USA
IPO date: 03/26/2019
Outstanding shares: 2,000,000
Average volume: 4,639
Market cap: $45,220,000
Current dividend yield: 7.74% calculation
Initial coupon rate: 7.000%
Spread to LIBOR: 0.046050
Cumulative: No
Liquidation value: $25.00
Callable after: 04/01/2024
Maturity date: n/a - perpetual
Prospectus: Read on SEC.gov
All SEC filings: SEC Edgar Online
Quarterly filings: 10-Q
Annual filings: 10-K
Sedol: