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BRIEF-Versabank announces preferred share offering

Published 2017-06-12, 08:41 a/m
© Reuters. BRIEF-Versabank announces preferred share offering
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June 12 (Reuters) - Versabank VB.TO :

* Versabank announces preferred share offering

* Obtained a receipt from securities regulatory authorities in each of provinces of Canada

* Net proceeds of offering are expected to qualify as Tier 1 capital of bank

* Receipt for preliminary short form prospectus for offering of up to $30 million of non-cumulative 5-year rate reset preferred shares, series 5

* The $30 million of non-cumulative 5-year rate reset preferred shares, series 5 is at a price of $10.00 per share

* About $10 million of net proceeds of offering to be used for repayment of certain subordinated indebtedness, subject to regulatory approval Source text for Eikon: ID:nBw1wCVdBa Further company coverage: VB.TO

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