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Cadence Bank | 5.50% Series A Non-Cumulative Perpetual Preferred Stock (CADE.PRA)
Prospectus excerpt: On November 13, 2019, the Company entered into an underwriting agreement (the “Series A Preferred Stock Underwriting Agreement”) with Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as representatives of the several underwriters named in the Series A Preferred Stock Underwriting Agreement, pursuant to which the Company agreed to sell, and the underwriters agreed to purchase, subject to and upon terms and conditions set forth therein, 6,000,000 shares of its 5.50% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $25 per share of Series A Preferred Stock (the “Series A Preferred Stock”), which represents $150,000,000 in aggregate liquidation preference (the “Series A Preferred Stock Offering”). The Company estimates that the net proceeds from the Series A Preferred Stock Offering, after deducting the underwriting discount and estimated expenses, will be approximately $145.4 million. The Company has granted to the underwriters an option, exercisable for 30 days, to purchase up to an additional 900,000 shares of Series A Preferred Stock to cover overallotments, if any. Full Prospectus PDF », Secondary Prospectus PDF », CADE Page »
Series: | A | Alternate symbology: | CADE-A, CADE-PA, CADEprA | Redeemable?: | Yes | Call Date: | 11/20/2024 | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 6,000,000 | Overallotment: | 900,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $20.23 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-4.77 (-19.08%) | Annualized Dividend: | 1.375 | Recent Ex-Date: | 5/2/2024 | Current Yield: | 6.80% | Original Coupon: | 5.50% | Pay Period: | Quarterly | Pay Dates: | 20-Feb, 20-May, 20-Aug, 20-Nov | CDx3 Compliance Rating: |
Learn CADE.PRA's Rating
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Cadence Bank is a state chartered commercial bank. Co. conducts commercial banking and financial services directly and through its banking-related subsidiaries. Co.'s lending activities include both commercial and consumer loans. Loan originations are derived from various sources including direct solicitation by Co.'s loan officers, existing depositors and borrowers, builders, attorneys, walk-in customers and, in some instances, other lenders, real estate broker referrals and mortgage loan companies. Co. provides a variety of deposit products, including checking accounts, savings accounts, money market accounts, time deposits, and other deposit accounts through multiple channels. Preferred: CADE.PRA Open the CADE Information Page »
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Name: |
Cadence Bank |
Website: |
www.bancorpsouth.com |
Sector: |
Banking & Savings |
Number of ETFs Holding CADE: |
61 (see which ones) |
Total Market Value Held by ETFs: |
$1,144,016,723.58 |
Total Market Capitalization: |
$2,653,000,000 |
% of Market Cap. Held by ETFs: |
43.12% |
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