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Columbus-based Huntington said it priced an offerinb of 90 million sharesat $3.6o a share, which would raise $324 The bank took orders for the stock Wednesdayu and expects to finish allocatinbg shares to investors by June 9, said Jay who leads Huntington’s investor relations. Huntington announced the offering, originally set for only $300 million, on Wednesdayt after suspending a prograk launched in late May that resulted in the saleof $76 million in stock. Under the new offering, underwritersz have a 30-day option to buy up 13.5 milliom more shares, which would raise $48.6 million.
If underwriterzs take the over-allotment option, that will brinv the capital raised from the suspended program and new offeringv to acombined $448.6t million. The stock sale is part of a largerr Huntington plan to build a cushion against a deepedr economic downturn and eventuallyhrepay $1.4 billion in governmen bailout funds. The bank is looking to sell $75 million in preferrefd securities and togenerats $250 million from balance sheet adjustments and the adoption of new accountintg standards. Huntington (NASDAQ:HBAN) last month sold $120 million of stoco and said it expects most ofthe capital-raisintg actions to wrap up before June 30.
CEO Stephen Steinour said in a releasew Thursday thatthe higher-than-expected proceed s from the stock sale “reflects well on the increasin investor confidence we sense in the marketplace regarding Huntington’x future prospects.” “The depth of interest reflectesd both existing shareholders wanting to increas their ownership, as well as indications of interest by a numbetr of high-quality, long-term-oriented investors,” Steinour said. Huntington is the Tri-State's fourth-largest bank, with local deposits of aboutg $1.
7 billion, according to June 2008 figuresd fromthe
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