Umpqua convertible common stock equivalent securities, stock offerings lifted to $303.6 million

By Marisa Wong

Milwaukee, Feb. 9 - Umpqua Holdings Corp. announced that the underwriter of its previously announced offering of convertible common stock equivalent securities and concurrent common stock offering has exercised the over-allotment options, increasing the total size of the offerings to $303.6 million. The deal closed on Tuesday, according to a news release.

Umpqua priced 16.5 million equivalents and 7.5 million common shares at $11.00 per security to raise $264 million on Feb. 3.

As part of the greenshoe exercise, Umpqua will issue 2,475,000 additional equivalents and 1,125,000 additional shares at $11.00 per security.

J.P. Morgan Securities Inc. was the bookrunner.

Net proceeds from the common stock offering and, if and when converted into common stock, the net proceeds of the equivalents offering will qualify as both tangible common equity and regulatory tier 1 capital.

Umpqua Holdings is the parent company of Umpqua Bank and is based in Portland, Ore.

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