Stock expected to begin trading on Nasdaq under symbol ‘AVNU’
By Toni Weeks
San Luis Obispo, Calif., Feb. 23 – Underwriters for Avenue Financial Holdings, Inc.’s initial public offering of shares exercised their greenshoe in full, bringing total proceeds to $31.63 million.
On Feb. 10, the company priced $27.5 million of the shares at $11.00 per share with an over-allotment option for another $4.13 million of shares.
In total, 2,875,000 shares were sold at the public offering price, including 1,543,655 shares sold by the company and 1,331,345 shares sold by selling shareholders. Of the 375,000-share greenshoe, 219,390 were sold by the company, and 155,610 were sold by selling stockholders.
The company did not receive any proceeds from the secondary offering.
The shares were expected to begin trading on the Nasdaq under the symbol “AVNU.”
Keefe, Bruyette & Woods, Inc. was the bookrunner.
As previously announced, proceeds will be used to redeem all of the company’s outstanding series C preferred stock, which currently has a dividend rate of 1% that will increase to 9% on March 15, 2016, and for general corporate purposes.
Avenue Financial is a bank holding company for Avenue Bank based in Nashville.
| Issuer: | Avenue Financial Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $31,625,000, including $4,125,000 greenshoe
|
| Shares: | 2,875,000 (1,543,655 sold by Avenue and 1,331,345 sold by selling stockholders)
|
| Price: | $11.00
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
| Co-managers: | Sandler O’Neill & Partners, LP and Sterne, Agee & Leach, Inc.
|
| Announcement date: | Jan. 9
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 23
|
| Expected listing: | Nasdaq: AVNU
|
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