Texas Capital Bancshares (TCBI) in Dallas is planning to raise $150 million by selling preferred stock.
The $10.5 billion-asset company said Thursday that it will sell up to 6 million shares of preferred stock for $25 a share in an offering it expects to close on March 28. The shares pay 6.25% annual interest. Texas Capital can redeem the shares at their sale price, plus unpaid dividends, after June 2018, according to a
Texas Capital will use the proceeds for general corporate purposes, the filing said. Morgan Stanley, Bank of America Merrill Lynch and JPMorgan are jointly underwriting the offering.
Texas Capital earnings rose 58% in 2012 from a year earlier, to $121 million, according to its
