Live Oak Bancshares $100 million preferred stock offering
The company issued depositary shares representing interests in fixed-rate non-cumulative perpetual preferred stock
Davis Polk advised the representatives of the several underwriters, in connection with Live Oak Bancshares Inc.’s SEC-registered offering of 4,000,000 depositary shares, each representing a 1/40th interest in a share of its 8.375% fixed-rate Series A non-cumulative perpetual preferred stock, without par value per share, with a liquidation preference of $25 per depositary share (equivalent to $1,000 per share of Series A preferred stock). The gross proceeds from the offering totaled $100 million.
Live Oak Bancshares is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking.
The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Kanger Jin and Walker Halstad. The tax team included partner Mario J. Verdolini and associate Summer Elbardissy. Counsel Chaoyuan (Charles) Shi provided ERISA advice. All members of the Davis Polk deal team are based in the New York office.