Deal funds interest payment, dividend payment, preferreds redemption
By Devika Patel
Knoxville, Tenn., April 3 - Old Second Bancorp, Inc. said it priced a $59.4 million public offering of stock with an $8.9 million greenshoe. The deal was announced Jan. 17.
The company will sell 13.5 million common shares at $4.40 per share. The price per share is a 6.38% discount to the April 2 closing share price of $4.70.
Keefe, Bruyette & Woods is the bookrunning manager.
Settlement is expected April 8.
Proceeds will be used to pay interest on trust preferred securities, to pay dividends on the series B preferred stock, to repurchase a portion of the series B preferred stock and for general corporate purposes.
Old Second is an Aurora, Ill., bank holding company.
| Issuer: | Old Second Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $59.4 million
|
| Greenshoe: | $8.9 million
|
| Shares: | 13.5 million
|
| Price: | $4.40
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods
|
| Co-managers: | Sandler O'Neill + Partners, LP and FIG Partners, LLC
|
| Announcement date: | Jan. 17
|
| Pricing date: | April 3
|
| Settlement date: | April 8
|
| Stock symbol: | Nasdaq: OSBC
|
| Stock price: | $4.70 at close April 2
|
| Market capitalization: | $65.44 million
|
© 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.
