Business Context and Reporting Period
This Form 8-K Current Report was filed by Associated Banc-Corp on June 11, 2020, covering events occurring on June 9, 2020. The filing primarily addresses a capital raising event involving the issuance of preferred stock.
Key Financial Metrics and Transaction Details
The filing details a Preferred Stock Offering with the following specific metrics:
- Instrument: 5.625% Non-Cumulative Perpetual Preferred Stock, Series F.
- Volume: 4,000,000 depositary shares issued.
- Structure: Each depositary share represents a 1/40th interest in a share of Preferred Stock.
- Liquidation Preference: $1,000 per share of Preferred Stock.
- Underwriters: BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, and UBS Securities LLC.
The filing text does not provide specific values for total revenue, net profit, operating cash flow, margins, or existing debt levels, as this report focuses solely on the equity issuance event.
Material Changes
The material change reported is the execution of an underwriting agreement to issue new equity capital. This transaction increases the company's capital base through the sale of Series F Preferred Stock. No comparative financial data or changes in operating metrics versus prior periods are included in this specific filing.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, operational outlook, or specific risk factors beyond the standard incorporation of the Underwriting Agreement by reference. The document notes that the description of the agreement is qualified in its entirety by reference to Exhibit 1.1.
Investor Verification Checklist
- Verify the total gross proceeds from the sale of the 4,000,000 depositary shares by reviewing the attached Underwriting Agreement (Exhibit 1.1).
- Confirm the specific use of proceeds for this Series F Preferred Stock offering.
- Review the full terms of the 5.625% dividend rate and redemption features in the prospectus supplement dated June 9, 2020.
- Check the impact of this issuance on the company's total preferred stock outstanding and dividend obligations.