Raymond James & Associates is agent; proceeds to pay dividends
By Devika Patel
Knoxville, Tenn., Sept. 29 - Macon Financial Corp. priced its $48.88 million initial public offering of stock in a prospectus filed Thursday with the Securities and Exchange Commission. It expects its shares to trade on the Nasdaq under the symbol "MACN."
The company will sell up to 4,887,500 common shares at $10.00 apiece on a best efforts basis. It must sell at least 3,612,500 shares to complete the offering, and individual investors may buy between 25 and 75,000 shares.
Settlement is expected on Oct. 26.
The company also may offer shares through a "community offering" or "syndicated offering," which will be managed by Raymond James & Associates, Inc., the IPO agent.
Proceeds will be used to invest in securities; resume payment of dividends on the company's trust preferred securities, as well as to pay previously deferred dividends and interest; pay cash dividends to shareholders; repurchase common shares; and for other general corporate purposes.
The banking company is based in Franklin, N.C.
| Issuer: | Macon Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $36,125,000 (minimum), $48,875,000 (maximum)
|
| Shares: | 3,612,500 (minimum), 4,887,500 (maximum)
|
| Price: | $10.00
|
| Warrants: | No
|
| Agent: | Raymond James & Associates, Inc.
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 26
|
| Stock symbol: | Nasdaq: MACN
|
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