Merchants Bancorp announced the pricing of an underwritten public offering of 9,200,000 depositary shares, each representing a 1/40th ownership interest in a share of its 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock.
The Series E preferred stock has a liquidation preference of $25.00 per depositary share, with dividends payable quarterly in arrears at a rate of 7.625% per annum, beginning January 1, 2025. The offering is expected to close on or about November 25, 2024.
Net proceeds from this offering are intended to be used for the redemption of Merchants' Series B preferred stock and for general corporate purposes, including supporting the balance sheet growth of Merchants Bank. This strategic capital raise aims to optimize the company's funding structure.
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