New Issue: East West seals $500 million private placement of stock and preferreds

By Devika Patel

Knoxville, Tenn., Nov. 12 - East West Bancorp, Inc. raised $500 million in a private placement of stock and series C mandatorily convertible cumulative non-voting perpetual preferred stock on Nov. 6, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The deal priced on Nov. 5.

The company sold 18,247,012 common shares at $9.04 per share and 335,047 preferreds at $1,000 per preferred.

The preferreds will automatically convert into common stock at an initial conversion price of $9.04 per share.

Based in Pasadena, Calif., East West Bancorp is the parent company of East West Bank.

Issuer:	East West Bancorp, Inc.
Issue:	Common stock, series C mandatorily convertible cumulative non-voting perpetual preferred stock
Amount:	$500 million
Warrants:	No
Pricing date:	Nov. 5
Settlement date:	Nov. 6
Stock symbol:	Nasdaq: EWBC
Stock price:	$8.39 at close Nov. 5
Market capitalization:	$1.23 billion
Common stock
Amount:	$164,952,988
Shares:	18,247,012
Price:	$9.04
Preferreds
Amount:	$335,047,000
Shares:	335,047
Price:	$1,000
Conversion price:	$9.04

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