First PacTrust greenshoe exercised, ups preferreds by $6.75 million

By Tali David

Minneapolis, Dec. 7 - First PacTrust Bancorp, Inc. said the over-allotment option on its 7.5% senior notes due April 15, 2020 was exercised in full, increasing the offering by $6.75 million, according to an 8-K filed with the Securities and Exchange Commission.

The company sold $45 million of the preferreds on Dec. 4. The sale was a reopening of the company's earlier $33 million issue of notes.

The over-allotment was sold to the underwriters at a price of $24.2125 per note.

Joint bookrunners were UBS Securities LLC and Raymond James & Associates Inc.

Proceeds will be used for possible acquisitions, to support organic growth, investments or extensions of credit to subsidiaries, for investments in securities and for general corporate purposes.

First PacTrust is based in Irvine, Calif.

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