Bank OZK Announces Pricing of $350 Million of 4.625% Series A Non-Cumulative Perpetual Preferred Stock and Increase in Stock Repurchase Program

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[{"type":"text","content":"LITTLE ROCK, Ark., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced the pricing of a public offering of 14,000,000 shares of its 4.625% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, and with a liquidation preference of $25 per share (the “Series A Preferred Stock”). The offering is expected to close on or about November 4, 2021, subject to the satisfaction of customary closing conditions. The Bank estimates that the net proceeds from the offering, after discounts and estimated offering expenses, will be approximately $339 million. The Bank intends to use the net proceeds from the offering for repurchases of shares of its common stock pursuant to its stock repurchase program (the “Stock Repurchase Program”) and other general corporate purposes, which may include, among other things, financing organic growth or strategic acquisitions, supporting its regulatory capital levels, and ongoing working capital needs. The Bank intends to increase the size of its previously announced Stock Repurchase Program by an amount equal to the size of the offering. The Stock Repurchase Program now totals $650 million (less repurchases made since the Stock Repurchase Program was implemented in July 2021) and will expire on November 4, 2022. Morgan Stanley & Co. LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC are serving as joint book-running managers. Stephens Inc. and Piper Sandler & Co. are serving as co-managers. The offering of the Series A Preferred Stock is being made only by means of an offering circular. The offering circular relating to the offering is available at ir.ozk.com and furnished on a Current Report on Form 8-K that will be filed with the Federal Deposit Insurance Corporation (“FDIC”). Copies of the offering circular may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, by telephone at (866) 718-1649 or by email at [email protected]; BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at [email protected]; and Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attention: WFS Customer Service, by email at [email protected], or by c...

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