Deal funds interest payment, dividends payment, preferreds redemption
By Devika Patel
Knoxville, Tenn., April 11 - Old Second Bancorp, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $8.91 million greenshoe in full for total proceeds of $68.31 million. The deal was announced Jan. 17 and priced for $59.4 million with the greenshoe on April 3.
The company sold 15,525,000 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. Of the shares, 2,025,000 were part of the fully exercised greenshoe.
Keefe, Bruyette & Woods was the sole bookrunning manager.
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: | $68.31 million (including $8.91 million greenshoe)
|
| Shares: | 15,525,000
|
| 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 11
|
| Stock symbol: | Nasdaq: OSBC
|
| Stock price: | $4.70 at close April 2
|
| Market capitalization: | $68.22 million
|
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