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Stifel Financial prices depositary share, senior notes offerings

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Stifel Financial prices depositary share, senior notes offerings

priced anunderwritten registered public offering of $150 million 6.25% noncumulativeseries A perpetual preferred shares and an offering of an additional $200million of 4.25% senior notes due 2024.

The companypriced its offering of 6.0 million depositary shares, each representing a1/1000th interest in a share of the preferred stock, with a liquidationpreference of $25,000 per share or $25 liquidation preference per depositaryshare. Interest will be payable quarterly in arrears. The company may redeemthe preferred stock at its option on or after July 15, 2021, or after aregulatory capital treatment event.

Stifelexpects to use the net proceeds from the offering for general corporatepurposes. The offering is expected to close July 15.

Meanwhile,the company also priced the 4.25% senior notes at a public offering price of101.466% of the principal amount, plus accrued interest from Jan. 18. The notesconstitute a further issuance of, rank equally in right of payment with, andform a single series with the $300 million of 4.25% senior notes issued July18, 2014.

Netproceeds from the notes offering will be used to repay the company'soutstanding 5.375% senior notes due 2022 and for other general corporatepurposes, which may include the repayment of additional debt. The offering isexpected to close July 14.

KeefeBruyette & Woods, a Stifel Company; Merrill Lynch Pierce Fenner & SmithInc.; and Morgan Stanley are acting as book running managers for bothofferings. U.S. Bancorp is acting is co-manager for the notes.