Webster Financial Corp. has commenced an offering of depositary shares, which each represent a 0.001 interest in a share of the Waterbury, Conn.-based company's series F preferred stock.
Merrill Lynch Pierce Fenner & Smith Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. will serve as the offering's joint book-running managers. Underwriters may receive a 30-day option to buy more depositary shares to cover overallotments.
The preferred stock has a liquidation preference of $25,000 per share, or $25 per depositary share.
Net proceeds from the offering will go toward the redemption of Webster's series E preferred stock.
