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Live Oak Bancshares, Inc. Prices Depositary Share Offering

  • Live Oak Bancshares, Inc. announced the pricing of an underwritten offering of 4,000,000 depositary shares representing 1/40th ownership interest in 8.750% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock.
  • Each depositary share carries a liquidation preference of $25.
  • Dividends of 8.750% per annum will be payable quarterly in arrears starting December 15, 2026.
  • The Company may redeem the stock on dividend payment dates on or after December 15, 2031, or following a regulatory capital treatment event at $1,000 per share.
  • Net proceeds are expected to support balance sheet growth at Live Oak Banking Company & enhance the Company's capital position for general corporate purposes.
  • Morgan Stanley, Keefe, Bruyette & Woods, RBC Capital Markets, & UBS Investment Bank serve as joint bookrunning managers.
  • Underwriters have a 30-day option to purchase an additional 600,000 depositary shares to cover overallotments.
  • The offering is expected to close on or about November 12, 2026.
  • Live Oak intends to list the depositary shares on the New York Stock Exchange under the symbol "LOB/PB".
  • Registration documents were filed with the SEC on March 6, 2026, & November 4, 2026.