Popular (BPOP) Prices $1B Depository Shares Offering

Popular, Inc. (NASDAQ: BPOP) announced today that it has priced an offering of $1.0 billion in depositary shares, each representing a 1/40th interest in a share of Contingent Convertible Perpetual Non-Cumulative Preferred Stock, Series D, no par value, $1,000 liquidation preference per share.

The preferred stock represented by depositary shares will automatically convert into shares of Popular common stock at a conversion rate of 8.3333 shares of common stock for each depositary share on the fifth business day after Popular’s common shareholders approve an amendment to increase the number of authorized shares.

Popular intends to use the net proceeds of the offering for general corporate purposes, including investments in, or extensions of credit to, its subsidiaries to increase their capital, including positioning Popular to participate in FDIC-assisted transactions.