Raymond James was bookrunner; $1.96 million greenshoe fully exercised
By Devika Patel
Knoxville, Tenn., July 30 - First Community Corp. said it settled a $15 million public offering of stock on July 27. The offering was announced May 15 and priced for $13.04 million with a $1.96 million greenshoe on July 24.
The company sold 1,875,000 common shares at $8.00 per share. The price per share is identical to the July 23 closing share price. Of the shares, 244,565 were part of the fully exercised greenshoe.
Raymond James & Associates, Inc. was the sole bookrunning manager.
Proceeds will be used to repurchase all of the company's series T preferred stock and, possibly, the warrant issued to the U.S. Treasury under the TARP Capital Purchase Program. Additionally, the company plans to use any remaining proceeds for general corporate purposes to support the bank's organic growth.
First Community is a bank holding company based in Lexington, S.C.
Issuer: | First Community Corp.
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Issue: | Common stock
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Amount: | $15 million (including $1,956,520 greenshoe)
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Shares: | 1,875,000
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Price: | $8.00
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Warrants: | No
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Bookrunner: | Raymond James & Associates, Inc.
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Announcement date: | May 15
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Pricing date: | July 24
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Settlement date: | July 27
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Stock symbol: | Nasdaq: FCCO
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Stock price: | $8.00 at close July 23
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Market capitalization: | $26.37 million
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