Santa Ana, Calif.-based Banc of California Inc.'s offer to redeem up to $75.0 million of series D and series E depositary shares expired Aug. 21.
The aggregate total consideration, including accrued dividends, payable by the company for the securities accepted for purchase is about $46.0 million. The settlement date for the offer is expected to be Aug. 23.
Each series D depositary share represents a 0.025 interest in a share of 7.375% noncumulative series D perpetual preferred stock, while each series E depositary share represents a 0.025 interest in a share of 7.00% noncumulative series E perpetual preferred stock.
Goldman Sachs & Co. LLC and Keefe Bruyette & Woods served as dealer managers for the tender offer.
