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Raymond James Financial, 6.75% Dep Sh Fix/Float Ser A Non-Cumul Perp Pfd Stock
Ticker Symbol: RJF-A* CUSIP: 89678F209 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/03/2023
Security has been Called for: Monday, April 3, 2023
March 3, 2023, Raymond James Financial, Inc. (NYSE: RJF) announced that, on April 3, 2023, it will redeem all 40,250 outstanding shares of its 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, par value $0.10 per share (the “Series A Preferred Stock”). The redemption of the Series A Preferred Stock will trigger the redemption of the related depositary shares, each representing a 1/40th interest of a share of Series A Preferred Stock (the “Series A Depositary Shares”) (NYSE: RJF PrA) (CUSIP: No. 754730 307). The redemption price will be equal to $1,000.00 per share of Series A Preferred Stock and $25.00 per Series A Depositary Share. After giving effect to the redemption, no shares of Series A Preferred Stock or Series A Depositary Shares will remain outstanding.
Because the redemption date is also a dividend payment date for the Series A Preferred Stock and the Series A Depositary Shares, the redemption prices noted herein do not include declared and unpaid dividends. As previously announced, regular quarterly dividends will be paid separately in the customary manner on April 3, 2023 to holders of record at the close of business on March 15, 2023. June 1, 2022 -- Raymond James Financial (NYSE: RJF) announced today that it has completed the previously announced acquisition of TriState Capital Holdings, Inc. Each share of TriState Capital’s 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock and each share of TriState Capital’s 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock was converted, respectively, into the right to receive one share of a newly created series A and series B preferred stock of Raymond James. Each outstanding TriState Capital depositary share representing a 1/40th interest in a share of the applicable series of TriState Capital preferred stock was converted into a Raymond James depositary share representing a 1/40th interest in a share of the applicable newly created series of Raymond James preferred stock (NYSE: RJF-A and RJF-rB).
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Raymond James Financial formerly, TriState Capital Holdings, Inc., 6.75% Depositary shares, each representing a 1/40th interest in a share of Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 4/1/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 6.75% per annum ($1.6875 per annum or $0.421875 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date that will be the fifteenth calendar day prior to the payment date or the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 4/1/2023 dividends will accumulate and be payable at a floating rate equal to three-month LIBOR plus a spread of 398.5 basis points per annum, only when, as and if declared. In the case that the three-month LIBOR rate is less than zero then the three-month LIBOR rate shall be deemed to be zero. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-36 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (RJF)
IPO - 3/16/2018 - 1.40 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: TSCAP Changed: 6/01/2022
Previous Name: Tristate Capital Holdings 6.75% Dep Sh Fix/Float Ser A Non-Cumul Perp Pfd Stock Changed: 6/01/2022
Market Value $35.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 880 Carillon Parkway, St. Petersburg, FL 33716 |
Main Phone Number |
727-567-1000 |
Fax Number |
727-573-8365 |
Investor Relations
Paul Shoukry
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727-567-5133
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Toll Free Phone Number |
800-248-8863 |
CEO - Paul C. Reilly |
CFO - Paul Shoukry |
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