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Columbus-based Huntington said it pricer an offering of 90 million sharesat $3.60 a share, whicgh would raise $324 million. The bank took order for the stock Wednesday and expect s to finish allocating sharez to investors byJune 9, said Jay who leads Huntington’s investore relations. Huntington announced the offering, originallhy set for only $300 million, on Wednesday after suspending a program launched in late May that resulted in the saleof $76 millionb in stock. Under the new underwriters havea 30-daty option to buy up 13.5 million more which would raise $48.6 million.
If underwriters take the over-allotment that will bring the capital raisec from the suspended program and new offerin g to acombined $448.6 The stock sale is part of a larger Huntington plan to build a cushion againsy a deeper economic downturn and eventually repay $1.4 billio n in government bailout The bank is looking to sell $75 million in preferredf securities and to generate $250 million from balancd sheet adjustments and the adoption of new accountinhg standards. Huntington (NASDAQ:HBAN) last month sold $120 milliomn of stock and said it expect s most ofthe capital-raising actions to wrap up beforw June 30.
CEO Stephen Steinour said in a release Thursdagy thatthe higher-than-expected proceeds from the stockl sale “reflects well on the increasing investo r confidence we sense in the marketplacw regarding Huntington’s future prospects.” “The depth of interest reflected both existinvg shareholders wanting to increasw their ownership, as well as indications of interesrt by a number of high-quality, long-term-oriented investors,” Steinour Huntington is the Tri-State'x fourth-largest bank, with local depositds of about $1.
7 billion, according to June 2008 figures from the
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