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IBERIABANK prices $50M preferred equity deal

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IBERIABANK prices $50M preferred equity deal

IBERIABANKCorp. priced a $50 million offering of 2.0 million that eachrepresent a 0.0025 interest in a share of the Lafayette, La.-based company's fixedto floating preferred stock, series C.

Underwriters have an overallotment option of 300,000depositary shares. Acting as joint book-running managers are Keefe Bruyette& Woods, a Stifel Co., and Merrill Lynch Pierce Fenner & Smith Inc.

Dividends, if they are paid out, will be at a rate of 6.60%and distributed quarterly, in arrears, beginning their issuance date throughApril 30, 2026. Beginning May 1, 2026, the dividends will accrue, be paidquarterly and in arrears, at a rate equal to three-month LIBOR, plus a492-basis-point spread.

IBERIABANK has the option of redeeming the stock on or afterMay 1, 2026. It expects to use net proceeds for general corporate purposes,including the possible acquisitions of other financial services businesses.

The offering will likely close May 9.