Iberiabank Sells a Fixed to Floating Preferred Issue – Corrected
By: Tim McPartland,
Louisiana banker Iberiabank Corporation has sold a new fixed to floating non cumulative perpetual preferred stock offering.
The issue was scheduled to start trading on the OTC grey market today.
This is a dividend qualified issue that begins with a coupon of 6.625% and begins to float in 2025.
NOTE–this issue pays dividends just twice a year. When it begins floating the coupon in 2025 it will pay dividends quarterly.
This is a non rated issue.