Agent Hovde raises funds to redeem series A perpetual preferred stock
By Devika Patel
Knoxville, Tenn., Nov. 6 - Seacoast Banking Corp. of Florida said it priced a $75 million registered direct offering of stock. The deal was announced Tuesday.
The company will sell 34,883,721 common shares $2.15 per share. The price per share reflects a 5.29% discount to the Nov. 5 closing share price of $2.27.
Hovde Group, LLC is the agent.
Settlement is expected Nov. 12.
Proceeds will be used to redeem the company's series A fixed-rate cumulative perpetual preferred stock, which was issued to the U.S. Department of the Treasury as part of the Troubled Asset Relief Program. The remaining proceeds will be used to support growth plans, investments and other general corporate purposes.
Stuart, Fla.-based Seacoast Banking is a bank holding company.
Issuer: | Seacoast Banking Corp. of Florida
|
Issue: | Common stock
|
Amount: | $75 million
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Shares: | 34,883,721
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Price: | $2.15
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Warrants: | No
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Agent: | CSCA Capital Advisors, LLC
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Announcement date: | Nov. 5
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Pricing date: | Nov. 6
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Settlement date: | Nov. 12
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Stock symbol: | Nasdaq: SBCF
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Stock price: | $2.27 at close Nov. 5
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Market capitalization: | $206.86 million
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