City National Corp. (CYN) in Los Angeles has announced the pricing of a $100 million public offering.
The $29 billion-asset City National plans to offer four million shares of preferred stock at $25 per share, according to the company's Thursday press release. Proceeds from the sale will be used for debt repayment and general corporate purposes.
The offering is expected to close in early November.
"In light of City National's significant and continuing growth over the past few years and its strong performance again in the third quarter, the company is responding to favorable market conditions to issue some additional preferred stock that will further enhance its capital and its capacity for growth," Chairman and Chief Executive Officer Russell Goldsmith said in the press release.
Bank of America Merrill Lynch (BAC), Goldman Sachs (GS), JPMorgan Chase (JPM) and Barclays were joint book-running managers for the transaction. The co-manager was RBC Capital Markets.