CORAL GABLES, Fla. - BankUnited Financial Corp. said it will offer one million shares of new 9% noncumulative perpetual preferred stock, largely to redeem the preferred of a banking unit.
The shares to be issued will have a liquidation value of $10 each. The company said 475,118 shares will be issued on a 2.5-for-1 exchange basis for 190,048 preferred shares, with a liquidation value of $25, of its BankUnited FSB.
The rest of the million-share issue will be sold in a public offering underwritten by Ryan Beck & Co.
The company said its remaining 99,840 preferred shares, which were not tendered for exchange, will be redeemed at an applicable price.