Peapack-Gladstone Financial Corporation issued 30,000 shares of 6.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series B, in a private placement for $30.0 million gross proceeds under Rule 506 of Regulation D. The company has a commitment to sell up to an additional 20,000 shares at $1,000 per share through December 31, 2027, providing up to $50 million total capital.
Key takeaways
Issued 30,000 shares of Series B Preferred Stock on March 26, 2026, for $30.0 million gross proceeds
Purchasers: Strategic Value Investors, LP and Strategic Value Private Investors II, LP
Optional commitment for additional 20,000 shares at $1,000 per share through Dec 31, 2027
6.00% non-cumulative quarterly dividends, payable when declared
Convertible into 26.3157 common shares per preferred share ($1,000/$38.00) after 60 months or change in control
Redeemable by company after 5 years at $1,000 liquidation preference, subject to regulatory approval
$200,000 commitment fee payable in four installments
Net proceeds for general corporate purposes including growth, acquisitions, debt reduction