trending Market Intelligence /marketintelligence/en/news-insights/trending/22yaF0vin-w_SO7buHLGWg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

First Republic Bank offering subordinated notes

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


First Republic Bank offering subordinated notes

SanFrancisco-based First RepublicBank disclosed a public offering of its subordinated notes.

Netproceeds from the offering are expected to be used for general corporatepurposes, which may include funding loans or purchasing investment securitiesfor its portfolio. The bank may also use the net proceeds, together with cashon hand, to redeem, subject to regulatory approvals, its 6.70% noncumulativeperpetual seriesA preferred stock. The preferred stock is redeemable at FirstRepublic Bank's option, in whole or in part, on or after Jan. 30, 2017,according to a news release.

Thesubordinated notes are intended to qualify as Tier 2 capital for bankregulatory purposes.

MerrillLynch Pierce Fenner & Smith Inc., J.P. Morgan and Morgan Stanley areserving as joint book-running managers for the offering.