Card Briefs: BankAtlantic Markets $50M Convertible Debt

BankAtlantic Bancorp came to market recently with a $50 million issue of convertible debt.

Ryan, Beck & Co. was lead underwriter for the issue, the first convertible security offering by the Fort Lauderdale thrift holding company.

"We felt that the market was right," said Jasper Eanes, the company's chief financial officer. BankAtlantic's last subordinated debt issue was last fall.

Duff & Phelps Credit Rating Co. rated the issue BB-minus, a noninvestment-grade rating "deemed likely to meet obligations."

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