First Bank System has completed its issue of convertible preferred stock now that underwriters have exercised their overallotment option and bought an additional 290,00 shares. The total issue is now $114.5 million.
The First Bank shares are convertible into common stock at a price of $28.975 per share, a premium of 22% over the common stock price Oct. 28, when the deal was priced. As preferred shares, they will pay dividends of 7.125%.
The offering was lead managed by Morgan Stanley & Co.
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