Carmel, Ind.-based Merchants Bancorp closed its underwritten public offering of 5 million depositary shares.
Each depositary share represents a 0.025 ownership interest in a share of the company's 6.00% fixed-to-floating rate series B noncumulative perpetual preferred stock, with a liquidation preference of $25.00 per depositary share.
Merchants Bancorp received proceeds of approximately $120.9 million, net of estimated expenses and underwriting discounts and commissions.
Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint book runners for the offering. Sandler O'Neill & Partners LP served as co-manager.
In connection with the issuance of the series B preferred stock and the sale of the depositary shares, Merchants Bancorp on Aug. 16 filed articles of amendment with the Secretary of State of Indiana to establish the authorized number of series B preferred shares as 125,000, among other things. The articles of amendment became effective Aug. 19.
