Banc Of California Plans Redemption Of $385 Mln Subordinated Notes

Banc of California extended its $300 million stock repurchase program and intends to redeem $385 million of subordinated notes due 2031. The moves increase capital return to shareholders while reducing subordinated debt on the balance sheet. This is modestly supportive for EPS and credit profile but is unlikely to have sector-wide market impact.

Analysis

Banc of California extended its $300 million stock repurchase program and intends to redeem $385 million of subordinated notes due 2031. The moves increase capital return to shareholders while reducing subordinated debt on the balance sheet. This is modestly supportive for EPS and credit profile but is unlikely to have sector-wide market impact.