BankUnited greenshoe exercised, raising convertibles to $120 million

New York, March 4 - BankUnited Financial Corp. said the underwriters of its recent offering of convertible senior notes due 2034 exercised the $20 million over-allotment option in full, raising the size of the deal to $120 million.

The Coral Gables, Fla., bank originally priced $100 million of the securities after the market closed on Feb. 23 to yield 3.125% with a 42% initial conversion premium.

Bear Stearns & Co. Inc. was bookrunner of the Rule 144A offering.

BankUnited will use proceeds for general corporate purposes, which may include expanding its operations through new branches and operations centers, acquiring debt and equity securities, redeeming outstanding debt, investing in loans and mortgage-backed or other securities, possible acquisitions and funding working capital needs.

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