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TCF Financial Corp Announces Pricing of Preferred Stock Offering

Wednesday, 12 Dec 2012 05:44pm EST 

TCF Financial Corp announced the pricing of its public offering of 4,000,000 shares of 6.45% Series B Non-Cumulative Perpetual Preferred Stock (Preferred Stock), at a public offering price of $25.00 per share for gross proceeds of $100 million. TCF has also granted the underwriters a 30-day option to purchase up to an additional 600,000 shares to cover over-allotments, if any, at the same price for potential additional gross proceeds of $15 million. Morgan Stanley & Co. LLC and UBS Securities LLC acted as joint book-running managers. RBC Capital Markets, LLC and Stifel, Nicolaus & Company, Incorporated served as co-managers. Dividends will be payable on the Preferred Stock if, as and when declared by TCF’s Board of Directors on a non-cumulative basis on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2013 at a per annum rate of 6.45%. TCF expects to use the net proceeds from the offering for general corporate purposes, which may include capital to support asset growth. TCF expects to close the transaction, subject to customary conditions, on or about December 19, 2012. 

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