Business Context and Reporting Period
This Form 8-K Current Report was filed by Associated Banc-Corp on September 7, 2016. The filing discloses a corporate event regarding a capital raise through the issuance of preferred stock.
Key Financial Metrics and Transaction Details
The Company entered into an underwriting agreement for the issuance and sale of 4,000,000 depositary shares. Each depositary share represents a 1/40 interest in a share of the Company's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D. The liquidation preference is $1,000 per share of Preferred Stock.
- Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC.
- Instrument: 5.375% Non-Cumulative Perpetual Preferred Stock, Series D.
- Reporting Period: September 7, 2016.
This filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity metrics for the Company's general operations.
Material Changes
The material change disclosed is the execution of the Preferred Stock Offering. This transaction is intended to raise capital and is incorporated by reference into the Company's Registration Statement on Form S-3 (Registration No. 333-202836).
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, outlook, or specific risk factors beyond the standard disclosure that the description of the Underwriting Agreement is qualified by reference to the attached exhibit. No unusual items or contingencies are detailed in the text of this report.
Investor Verification Checklist
- Verify the total gross proceeds from the sale of the 4,000,000 depositary shares in the attached Underwriting Agreement (Exhibit 1.1).
- Confirm the specific terms of the 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, including dividend payment dates and redemption rights.
- Review the Prospectus Supplement dated September 7, 2016, for details on the use of proceeds.
- Check the Company's subsequent 10-Q or 10-K filings to see how this issuance impacts the balance sheet and capital structure.