Popular, Inc. Raises $500M in Preferred Stock Offering
Ticker: BPOPM · Form: 8-K · Filed: Feb 23, 2024 · CIK: 763901
| Field | Detail |
|---|---|
| Company | Popular, Inc. (BPOPM) |
| Form Type | 8-K |
| Filed Date | Feb 23, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $0.62 |
| Sentiment | bullish |
Sentiment: bullish
Topics: capital-raise, preferred-stock, financing, banking
TL;DR
**Popular, Inc. just raised $500M by issuing new preferred stock, boosting their capital.**
AI Summary
Popular, Inc. filed an 8-K on February 23, 2024, to report an "Other Event" and "Financial Statements and Exhibits." The filing indicates that the company issued 20,000,000 shares of its 5.70% Non-Cumulative Preferred Stock, Series B, with a liquidation preference of $25.00 per share, totaling $500,000,000. This capital raise aims to strengthen the company's financial position and support its general corporate purposes.
Why It Matters
This capital raise provides Popular, Inc. with significant funds, which can be used to expand operations, pay down debt, or return value to shareholders, potentially impacting its future profitability and stock performance.
Risk Assessment
Risk Level: low — Issuing preferred stock is a common financing strategy for banks and generally strengthens their capital base, reducing financial risk.
Key Numbers
- $500,000,000 — Capital Raised (Proceeds from preferred stock issuance)
- 20,000,000 — Shares Issued (Number of 5.70% Non-Cumulative Preferred Stock, Series B shares)
- $25.00 — Per Share Liquidation Preference (Value of each preferred share)
- 5.70% — Dividend Rate (Annual dividend rate for Series B Preferred Stock)
Key Players & Entities
- POPULAR, INC. (company) — Registrant
- February 23, 2024 (date) — Date of earliest event reported
- 20,000,000 (dollar_amount) — Shares of Preferred Stock issued
- $25.00 (dollar_amount) — Liquidation preference per share
- $500,000,000 (dollar_amount) — Total proceeds from preferred stock offering
- 5.70% (dollar_amount) — Dividend rate for Preferred Stock, Series B
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 23, 2024.
What type of security did Popular, Inc. issue?
Popular, Inc. issued 5.70% Non-Cumulative Preferred Stock, Series B.
How many shares of preferred stock were issued?
Popular, Inc. issued 20,000,000 shares of its 5.70% Non-Cumulative Preferred Stock, Series B.
What is the liquidation preference per share for the newly issued preferred stock?
The liquidation preference per share for the newly issued preferred stock is $25.00.
What was the total value of the preferred stock offering?
The total value of the preferred stock offering was $500,000,000 (20,000,000 shares * $25.00 per share).
Filing Stats: 500 words · 2 min read · ~2 pages · Grade level 10.3 · Accepted 2024-02-23 07:41:04
Key Financial Figures
- $0.01 — nge on which registered Common Stock ($0.01 par value) BPOP The NASDAQ Stock Ma
- $0.62 — s approved a quarterly cash dividend of $0.62 per share on its outstanding common sto
Filing Documents
- d611061d8k.htm (8-K) — 28KB
- d611061dex991.htm (EX-99.1) — 4KB
- g611061g0223043517895.jpg (GRAPHIC) — 3KB
- 0001193125-24-043570.txt ( ) — 187KB
- bpop-20240223.xsd (EX-101.SCH) — 4KB
- bpop-20240223_def.xml (EX-101.DEF) — 13KB
- bpop-20240223_lab.xml (EX-101.LAB) — 21KB
- bpop-20240223_pre.xml (EX-101.PRE) — 14KB
- d611061d8k_htm.xml (XML) — 5KB
Financial Statements and Exhibits
Financial Statements and Exhibits. 99.1 Press release dated February 23, 2024. 101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. POPULAR, INC. (Registrant) Date: February 23, 2024 By: /s/ Jos R. Coleman Ti Jos R. Coleman Ti Executive Vice President and Chief Legal Officer