2023-03-06 18:22:45 ET
- Jackson Financial ( NYSE: JXN ) said Monday it priced a $550M underwritten offering of 22M depositary shares.
- Each depositary share represents 1/1,000th interest in a fixed-rate reset non-cumulative perpetual preferred share, series A, $25K liquidation preference per share, with a five-year call/dividend rate reset period and noncumulative dividends.
- Underwriters have the option to buy up to an additional 2M depositary shares to cover over-allotments, if any.
- The depositary shares will be listed on NYSE under the symbol 'JXN PR A'.
- Net proceeds, along with cash on hand, will be used to repay $600M outstanding principal amount of its senior notes due in November 2023.
- Pending that use, proceeds may be invested in short-term, interest-bearing securities.
- The offering is expected to close March 13.
- Shares of Jackson ( JXN ) -1.6% after hours.
- Earlier, Jackson ( JXN ) boosted its stock buyback program and increased its dividend .
For further details see:
Jackson Financial prices $550M depositary stock offering