By Devika Patel
Knoxville, Tenn., July 8 - Sun Bancorp, Inc. said it negotiated a $100 million private placement of stock and mandatorily convertible preferred stock.
The company will sell the common shares and preferreds at $4.00 apiece to WL Ross & Co. LLC.
Lazard Middle Market LLC, and Keefe, Bruyette & Woods are the agents.
Proceeds will be used to strengthen and expand current operations as well as to pursue growth opportunities.
The company is a Vineland, N.J.-based bank.
| Issuer: | Sun Bancorp, Inc.
|
| Issue: | Common stock, mandatorily convertible preferred stock
|
| Amount: | $100 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Agents: | Lazard Middle Market LLC, and Keefe, Bruyette & Woods
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| Investor: | WL Ross & Co. LLC
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| Pricing date: | July 8
|
| Stock symbol: | Nasdaq: SNBC
|
| Stock price: | $3.61 at close July 7
|
| Market capitalization: | $116 million
|
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