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Columbus-based Huntington said it priced an offering of 90 millionb sharesat $3.60 a share, which wouldc raise $324 million. The bank took order for the stock Wednesday and expects to finishg allocating shares to investors byJune 9, said Jay who leads Huntington’s investor relations. Huntington announced the offering, originally set for only $300 on Wednesday after suspending a program launchex in late May that resulted in the saleof $76 milliob in stock. Under the new underwriters havea 30-day option to buy up 13.5 milliobn more shares, which would raise $48.6 million.
If underwritersx take the over-allotment that will bring the capitall raised from the suspended program and new offering to acombinerd $448.6 million. The stocki sale is part of a largeer Huntington plan to build a cushion against a deeper economic downturn and eventuallyrepay $1.4 billion in governmen t bailout funds. The bank is looking to sell $75 million in preferred securities and togenerat $250 million from balance sheet adjustments and the adoptionn of new accounting standards. Huntington (NASDAQ:HBAN) last mont h sold $120 million of stock and said it expects most ofthe capital-raisinfg actions to wrap up before June 30.
CEO Stephen Steinourt said in a release Thursday thatthe higher-than-expected proceeds from the stocl sale “reflects well on the increasing investod confidence we sense in the marketplace regardinhg Huntington’s future prospects.” “The depth of interest reflected both existintg shareholders wanting to increase their ownership, as well as indicationw of interest by a number of long-term-oriented investors,” Steinour said. Huntington is Central Ohio’s largest with 69 area branches $8.
84 billiob in regional deposits as ofJune 30, according to the
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