Bookrunner Stifel, Nicolaus helps fund organic growth and acquisitions
By Devika Patel
Knoxville, Tenn., Dec. 21 - First Business Financial Services, Inc. said the underwriters for a public offering of stock elected to exercise the greenshoe for total proceeds of $29.1 million. The deal priced for $25.3 million with a 15% greenshoe on Dec. 5.
The company sold 1,265,000 common shares at $23.00 per share. The price per share reflects a 1.71% discount to the Dec. 4 closing share price of $23.40. Of the shares, 165,000 were part of the greenshoe.
Stifel, Nicolaus & Co., Inc. is the lead manager and bookrunner.
Proceeds will support the future growth of the company by allowing it to accelerate its organic growth and to pursue acquisitions. The proceeds will also be used to repay a portion of the company's subordinated debt.
The bank holding company is based in Madison, Wis.
| Issuer: | First Business Financial Services, Inc.
|
| Issue: | Common stock
|
| Amount: | $29,095,000
|
| Shares: | 1,265,000
|
| Price: | $23.00
|
| Warrants: | No
|
| Bookrunner: | Stifel, Nicolaus & Co., Inc.
|
| Co-managers: | Raymond James & Associates, Inc. and FIG Partners, LLC
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Nasdaq: FBIZ
|
| Stock price: | $23.40 at close Dec. 4
|
| Market capitalization: | $86.2 million
|
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