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Strong Buy (4.00 out of 4)
100th percentile
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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, April 19, 3:42 PM
Slide #580. City National Corporation — Preferred Stock Offering
Company: |
City National Corporation (NASDAQ:CYN) |
Shares Offered: |
7,000,000 |
Date of Pricing: |
11/5/2012 |
Price Per Share: |
$25 |
Preferred Stock Offering Details: |
City National Corporation, the parent company of wholly owned City National Bank, today priced a public offering of $175 million in 5.50 percent non-cumulative perpetual preferred stock, which qualifies as Tier 1 capital. The company is offering 7 million depositary shares at a price of $25 per share. Each depositary share represents a 1/40th interest in a share of its Series C preferred stock. Net proceeds will be used for general corporate purposes, including debt repayment. The offering is expected to close on or about November 13, 2012, subject to customary closing conditions. |
Cyngn is an autonomous vehicle (AV) technology company. Co. is engaged in develops autonomous driving software that can be deployed on multiple vehicle types in various environments. Co. designs the Enterprise Autonomy Suite (EAS), a suite of technologies and tools into three complementary categories: DriveMod; Cyngn Insight; and Cyngn Evolve. Preferreds: CYN.PRC, CYN.PRD
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