INTERNATIONAL BANCSHARES CORPORATION (NASDAQ:IBOC) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k

6 years ago

INTERNATIONAL BANCSHARES CORPORATION (NASDAQ:IBOC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.

On September 19, 2018, International Bancshares Corporation (the “Company”) entered into a Warrant Purchase Agreement (the “Agreement”) between the Company and Baupost Group Securities, LLC (“Seller”) relating to warrants (the “Warrants”) issued by the Company, on June 12, 2013, to a warrant certificate (the “Original Warrant Certificate”, and, as subsequently reregistered in the name of Boomsail Co., a custodian of Seller, the “Warrant Certificate”), to purchase up to 1,326,238 shares of common stock, par value $1.00 per share, of the Company. to the terms of the Agreement, the Company agreed to purchase the Warrants from the Seller (the “Warrant Purchase”), for the aggregate purchase price of $29,004,825.06 (the “Purchase Price”).

The terms of the Warrant Purchase and the Agreement were approved by the Company’s board of directors.Under the terms of the Agreement, Seller agreed to sell, assign, deliver, and transfer to the Company, and the Company agreed to purchase from Seller, the Warrants and the Warrant Certificate, free and clear of all liens, claims, pledges, charges, restrictions and encumbrances of any nature whatsoever.Seller has agreed to deliver to the Company the Warrant Certificate and an original assignment of the Warrants (the “Assignment”), duly executed by Boomsail Co. and providing for the transfer of the Warrants to the Company, on or before seven business days from the date of the Agreement.One business day after confirmation of receipt of the Warrant Certificate and Assignment, the Company will deliver to Seller the Purchase Price by wire transfer in same day funds, at which time the Warrants and Warrant Certificate will be cancelled, thus eliminating the issuance of any shares of the Company’s common stock to the Warrants.

The foregoing description of the terms of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits

(d) Exhibits

The following exhibit is being furnished with this Current Report on Form 8-K.

EXHIBIT INDEX

INTERNATIONAL BANCSHARES CORP ExhibitEX-10.1 2 ex-10d1.htm EX-10.1 iboc_Ex-10.1 EXHIBIT 10.1 WARRANT PURCHASE AGREEMENT This WARRANT PURCHASE AGREEMENT (this “Agreement”),…To view the full exhibit click here
About INTERNATIONAL BANCSHARES CORPORATION (NASDAQ:IBOC)
International Bancshares Corporation is a financial holding company. The Company, through its subsidiaries, is engaged in the business of banking, including the acceptance of checking and savings deposits, and the making of commercial, real estate, personal, home improvement, automobile, and other installment and term loans. The primary markets of the Company are South, Central, and Southeast Texas and the state of Oklahoma. The Bank’s subsidiaries focus on providing commercial banking services to small and medium sized businesses located in their trade areas. The Company’s bank subsidiaries include International Bank of Commerce (IBC); Commerce Bank; International Bank of Commerce, Zapata, and International Bank of Commerce, Brownsville. The Company’s non-banking subsidiaries include IBC Life Insurance Company (IBC Life); IBC Trading Company; IBC Subsidiary Corporation; IBC Charitable and Community Development Corporation; IBC Capital Corporation, and Premier Tierra Holdings, Inc.