Deal conducted by Raymond James, co-manager Janney Montgomery Scott
By Devika Patel
Knoxville, Tenn., Nov. 20 - Federated National Holding Co. priced a $26 million public sale of stock with a $3.9 million greenshoe on Nov. 19, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was announced Nov. 8.
The company will sell 2,418,605 common shares at $10.75 per share. The price per share is a 9.89% discount to the Nov. 18 closing share price of $11.93.
Raymond James & Associates, Inc. is the bookrunning manager.
Settlement is expected Nov. 25.
The company will use the proceeds for general working capital purposes, including support of the company's growth.
Federated is an insurance company based in Sunrise, Fla.
| Issuer: | Federated National Holding Co.
|
| Issue: | Common stock
|
| Amount: | $26 million
|
| Greenshoe: | $3,899,993
|
| Shares: | 2,418,605
|
| Price: | $10.75
|
| Warrants: | No
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Co-manager: | Janney Montgomery Scott LLC
|
| Announcement date: | Nov. 8
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Nasdaq: FNHC
|
| Stock price: | $11.93 at close Nov. 18
|
| Market capitalization: | $93.81 million
|
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