Raymond James was bookrunner; Janney Montgomery, William Blair assist
By Devika Patel
Knoxville, Tenn., Aug. 6 – Federated National Holding Co. said the underwriters for its public offering of stock opted to exercise the deal’s $6 million greenshoe in full, lifting total proceeds of the deal to $46 million. The deal was announced July 29 and priced for $40 million with the greenshoe on Aug. 1.
The company sold 2,358,975 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. Of the shares, 307,692 were part of the fully exercised greenshoe.
Raymond James was the bookrunning manager.
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: | $46 million, including $6 million greenshoe
|
| Shares: | 2,358,975
|
| Price: | $19.50
|
| Warrants: | No
|
| Bookrunner: | Raymond James
|
| Co-managers: | William Blair and Janney Montgomery Scott
|
| 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: | $238.08 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
