First Community Financial Partners Inc (FCMP)

[56Chevy]

First Community Financial Partners, Inc. Completes Repurchase of $7.3 million of Preferred Stock & $5.5 million Private Placement

(this PR was put out 4 months ago)

Date : 10/01/2013 @ 6:13PM
Source : Business Wire
Stock : First Community Financial Partners, Inc. (QB) (FCMP)
Quote : $4.0 0.0 (0.00%) @ 5:00PM pps as of 2/6/2014

First Community Financial Partners, Inc. (OTCBB: FCMP) (“First Community”), repurchased $7.3 million of its outstanding $12.5 million Series B Cumulative Perpetual Preferred Stock. The 7,324 preferred shares, with a liquidation preference of $1,000 per share, were repurchased at a cost of $5.3 million resulting in a gain attributable to common shareholders of $2.0 million. “We continue to look for opportunities to enhance the value of our shareholders' investment in First Community,” said Roy C. Thygesen, First Community CEO. “The substantial shareholder gains realized through the transactions completed yesterday are a product of this initiative,” he added.

In connection with the repurchase, First Community closed a private placement of $5.5 million principal amount of 8.625% Subordinated Notes due 2021 (the "Notes"). The Notes were issued in denominations of $1,000 and integral multiples thereof to an affiliate of EJF Capital LLC, the holder of certain First Community's Series B Cumulative Perpetual Preferred Stock, and certain officers and directors of the Company. The proceeds of the private placement were used to fund the repurchase of the Series B Cumulative Perpetual Preferred Stock.

The Notes issued in the private placement were not registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), and were issued pursuant to an exemption from registration under Regulation D of the rules promulgated under the Act.

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http://ih.advfn.com/p.php?pid=nmona&article=59446133