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City National Corp Prices Preferred Stock Offering


Monday, 5 Nov 2012 06:36pm EST 

City National Corp announced that it has public offering of $175 million in 5.50% non-cumulative perpetual preferred stock, which qualifies as Tier 1 capital. The Company is offering 7 million depositary shares at a price of $25 per share. Each depositary share represents a 1/40th interest in a share of Series C preferred stock. Net proceeds will be used for general corporate purposes, including debt repayment. The offering is expected to close on or about November 13, 2012. Goldman, Sachs & Co. and J.P. Morgan were joint book-running managers for the transaction. Co-managers were RBC Capital Markets; Keefe, Bruyette & Woods, Inc.; Sandler O'Neill + Partners, L.P. and Wedbush Securities. 

Company Quote

73.67
0.85 +1.17%
23 Oct 2014