Bookrunners Keefe Bruyette & Woods and Raymond James assist with deal
By Devika Patel
Knoxville, Tenn., May 8 – QCR Holdings, Inc. said it priced a $58.4 million public sale of stock with an $8.76 million greenshoe on Thursday. The deal was announced Monday.
The company will sell 3.2 million common shares at $18.25 per share. The price per share is a 2.35% discount to the May 6 closing share price of $18.69.
Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are the bookrunning managers.
Settlement is expected May 13.
Proceeds will be used to repay $16.5 million of debt with First National Bank of Omaha, to redeem the company’s $2.7 million of outstanding 6% series A subordinated notes due Sept. 1, 2018 and to support subsidiary banks’ restructuring of long-term, high-cost, wholesale borrowings. Any remaining proceeds will be used for general corporate purposes, to accelerate organic growth, to pursue opportunistic acquisitions of similar or complementary financial services organizations and for other long-term strategic opportunities.
QCR is a bank holding company based in Moline, Ill.
| Issuer: | QCR Holdings, Inc.
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| Issue: | Common stock
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| Amount: | $58.4 million
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| Greenshoe: | $8.76 million
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| Shares: | 3.2 million
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| Price: | $18.25
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| Warrants: | No
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| Bookrunners: | Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc.
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| Co-managers: | FIG Partners, LLC and D.A. Davidson & Co.
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| Announcement date: | May 4
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| Pricing date: | May 7
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| Settlement date: | May 13
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| Stock symbol: | Nasdaq: QCRH
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| Stock price: | $18.69 at close May 6
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| Market capitalization: | $157.64 million
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