TriState Capital Holdings Inc. has priced a $35 million offering of 1.4 million depositary shares, each representing a 0.025 interest in a share of its series A preferred stock.
Underwriters have a 30-day option to buy more depositary shares. Net proceeds will go toward the Pittsburgh-based company's general corporate purposes and asset management acquisitions.
The series A preferred stock will pay a dividend of 6.75% per annum until April 1, 2023, after which the dividend will be payable at a floating rate equal to three-month LIBOR plus a spread of 398.5 basis points per annum. TriState may redeem the stock beginning April 1, 2023.
