Iberiabank in Lafayette, La., plans to raise up to $75 million in an offering of perpetual preferred stock.
The $16 billion-asset company will offer 6.625% fixed-to-floating noncumulative perpetual preferred stock. The offering is expected to close Aug. 5.
The bank plans to use the proceeds for general corporate purposes, including possible acquisitions such as potential FDIC-assisted transactions. Iberiabank may also use the proceeds for working capital and for investments in subsidiaries to support continued growth.
The notes will be issued and sold under an effective shelf registration statement.
Merrill Lynch and UBS Securities are joint book-running managers on the offering. Goldman Sachs is co-manager. Simpson Thacher & Bartlett is legal counsel.