Raymond James is bookrunner, Janney Montgomery, William Blair assist
By Devika Patel
Knoxville, Tenn., Aug. 1 – Federated National Holding Co. said it priced a $40 million public offering of stock with a $6 million greenshoe. The deal was announced on Tuesday.
The company will sell 2,051,283 common shares at $19.50 per share. The price per share is a 3.32% discount to the July 31 closing share price of $20.17.
Raymond James is the bookrunning manager.
Settlement is expected on Aug. 6.
Proceeds will be used for general working capital purposes.
The insurance holding company is based in Sunrise, Fla.
| Issuer: | Federated National Holding Co.
|
| Issue: | Common stock
|
| Amount: | $40 million
|
| Greenshoe: | $6 million
|
| Shares: | 2,051,283
|
| Price: | $19.50
|
| Warrants: | No
|
| Bookrunner: | Raymond James
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| Co-managers: | William Blair and Janney Montgomery Scott
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| Announcement date: | July 29
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 6
|
| Stock symbol: | Nasdaq: FNHC
|
| Stock price: | $20.17 at close July 31
|
| Market capitalization: | $232.51 million
|
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