New Fifth Third Preferred Issuance

Thursday, June 19, 2008 - 11:24 AM EDT
Fifth Third prices preferred stock offering
Business Courier of Cincinnati
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Fifth Third Bancorp released pricing details Thursday on its public offering of depositary shares, which represent 40,000 shares of its convertible preferred stock.
The offering has a liquidation preference of $25,000 per share, or $100 per depositary share, with an aggregate liquid preference of $1 billion, Fifth Third said in a news release.
The convertible preferred stock will pay a quarterly cash dividend of 8.5 percent per year, subject to declaration by the bank's board of directors. The first dividend payout is scheduled for Sept. 30.
Each share of the preferred stock is convertible at any time into about 2,160 shares of common stock, or about 8.6 shares of common stock per depositary share. That's a conversion price of about $11.57 per share of common stock, the bank said.