BRIDGEPORT, Conn., Oct. 24, 2016 /PRNewswire/ -- People's United
Financial, Inc. (NASDAQ: PBCT) today announced that it has priced a
public offering of 10,000,000 shares, or $250 million in aggregate liquidation preference,
of its fixed-to-floating rate non-cumulative perpetual preferred
stock, Series A, par value $0.01 per
share, with a liquidation preference of $25.00 per share (the "Preferred Stock"). When,
as and if declared by the board of directors, dividends on the
shares of Preferred Stock will accrue and be payable from the date
of original issuance to, but excluding December 15, 2026 at a rate of 5.625% per annum,
payable quarterly in arrears, and from and including December 15, 2026, dividends will be payable at a
floating rate equal to three-month LIBOR plus a spread of 4.02% per
annum, payable quarterly in arrears.
The offering is expected to close on or about October 31, 2016, subject to customary closing
conditions.
People's United Financial, Inc. expects to use the net proceeds
from the offering for general corporate purposes, including
(subject to obtaining required regulatory approval) contributions
of capital or extensions of credit to People's United Bank,
National Association, People's United Financial, Inc.'s principal
banking subsidiary.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC,
Goldman, Sachs & Co. and Keefe, Bruyette & Woods, Inc. are
acting as joint book-running managers for the offering. The
offering will be made only by means of a prospectus supplement and
accompanying base prospectus. People's United Financial, Inc. has
filed a registration statement (including a base prospectus) and a
preliminary prospectus supplement with the U.S. Securities and
Exchange Commission for the offering which this communication
relates and will file a final prospectus supplement related to the
offering. Copies of the final prospectus supplement and the
accompanying base prospectus for the offering, when available, may
be obtained by contacting J.P. Morgan Securities LLC, Attention:
Investment Grade Syndicate Desk, 383 Madison Avenue, New York, NY 10017, or by calling collect at
1-212-834-4533, Wells Fargo Securities, LLC, Attention: WFS
Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, or by calling toll-free
at 1-800-645-3751 or by emailing wfscustomerservice@wellsfargo.com,
Goldman, Sachs & Co., Attention: Prospectus Department, 200
West Street, New York, NY 10282,
or by calling 1-212-902-1171 or by emailing
prospectus-ny@ny.email.gs.com and Keefe, Bruyette & Woods,
Inc., Attention: Capital Markets, 787 Seventh Avenue, 4th Floor,
New York, NY 10019, or by calling
toll-free at 1-800-966-1559 or by emailing
uscapitalmarkets@kbw.com.
This release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
Certain statements contained in this release are forward-looking
in nature. These include all statements about People's United
Financial, Inc.'s plans, objectives, expectations and other
statements that are not historical facts, and usually use words
such as "expect," "anticipate," "believe," "should" and similar
expressions. Such statements represent management's current
beliefs, based upon information available at the time the
statements are made, with regard to the matters addressed. All
forward-looking statements are subject to risks and uncertainties
that could cause People's United Financial, Inc.'s actual results
or financial condition to differ materially from those expressed in
or implied by such statements. Factors of particular importance to
People's United Financial, Inc. include, but are not limited
to: (1) changes in general, international, national or regional
economic conditions; (2) changes in interest rates; (3) changes in
loan default and charge-off rates; (4) changes in deposit levels;
(5) residential mortgage and secondary market activity; (6) changes
in levels of income and expense in non-interest income and expense
related activities; (7) changes in accounting and regulatory
guidance applicable to banks; (8) price levels and conditions in
the public securities markets generally; (9) the consummation of
proposed acquisitions; (10) the successful integration of acquired
companies; (11) competition and its effect on pricing, spending,
third-party relationships and revenues; and (12) changes in
regulation resulting from or relating to financial reform
legislation. People's United Financial, Inc. does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE People's United Financial, Inc.