Sterling Financial gets investor for $730 million private placement

By Devika Patel

Knoxville, Tenn., April 27 - Sterling Financial Corp. will conduct a private placement of stock and preferred stock for between $720 million and $730 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The common stock will be sold at up to $0.20 per share and the series B convertible participating voting preferred stock will be sold at $75.00 per preferred.

Thomas H. Lee Partners, LP will invest approximately $134.7 million and will also receive a seven-year warrant for 168,383,759 shares, which will be exercisable at up to $0.22 per share.

Sterling is a bank holding company based in Spokane, Wash.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.