Company sells 9,197,475 shares at $5.10 or $5.14 per share in offering
By Devika Patel
Knoxville, Tenn., Jan. 30 - VantageSouth Bancshares Inc. arranged a $47 million private placement of stock on Jan. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 9,197,475 common shares at $5.10 apiece, with insiders paying $5.14 per share. The prices per share are a 0.79% discount and identical, respectively, to the closing price of the stock on Jan. 24.
Settlement is expected Jan. 31.
Proceeds will be used to redeem all of the company's preferred stock that is held by the Department of the Treasury, to repurchase warrants for 1,348,398.2 shares from the Treasury and for general corporate purposes.
VantageSouth is a Raleigh, N.C.-based bank holding company.
| Issuer: | VantageSouth Bancshares Inc.
|
| Issue: | Common stock
|
| Amount: | $47 million
|
| Shares: | 9,197,475
|
| Price: | $5.14 for insiders and $5.10 for others
|
| Warrants: | No
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Stock symbol: | NYSE: VSB
|
| Stock price: | $5.02 at close Jan. 23
|
| Market capitalization: | $270.6 million
|
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