Preferred shares by BLC

BLC lists Series A Preferred Shares and Series B Preferred Shares on BSE

BLC Bank announced that it has successfully completed the listing of 550,000 of its Series B Preferred Shares. The new shares have a nominal value of $0.66 and an issue price of $100 per share. The bank’s capital thus increased to $102.433 million from $102 million.

BLC said that subscriptions to the Series B Preferred Shares raised $55 million, exceeding its initial target. In 2011, BLC issued 400,000 Series A Preferred Shares raising a total of $40 million.

BLC said that the net proceeds of this offering will be used for “general funding purposes.” These include strengthening the bank’s capital structure and contributing to its local and regional expansion plan.

The minimum subscription amount to the Series B Preferred Shares was $20,000. Holders of Series A Preferred Shares were given priority for the right to subscribe to the issuance of Series B Preferred Shares.

The Series A and Series B preferred shares have an annual dividend yield of seven percent each.

The bank has listed the two series of preferred shares on the Beirut Stock Exchange starting January 27. The bank already has 51 million of its common shares listed on the BSE.