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.
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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.
Details of this issue are here.
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Tim McPartland
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Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
