Investors Carlyle Group and Oak Hill buy $77.5 million of shares each
By Devika Patel
Knoxville, Tenn., April 27 - FNB United Corp. said it has arranged a $310 million private placement of stock. Investors include The Carlyle Group and Oak Hill Capital Partners, which will each invest $77.5 million.
The company will sell common shares at $0.16 apiece, a 36% discount to the April 26 closing share price of $0.25.
FNB also said it plans to merge with Bank of Granite Corp. during the third quarter to create a community banking organization with approximately $2.9 billion in assets, $2.4 billion in deposits and 63 full-service banking offices located in some of North Carolina's most robust markets. The combined company will be called FNB United Corp., and will be operated by new management, led by chief executive officer Brian Simpson and president Bob Reid.
Based in Asheboro, N.C., FNB is a bank holding company.
Issuer: | FNB United Corp.
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Issue: | Common shares
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Amount: | $310 million
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Price: | $0.16
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Warrants: | No
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Investors: | The Carlyle Group (for $77.5 million) and Oak Hill Capital Partners (for $77.5 million)
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Pricing date: | April 27
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Stock symbol: | Nasdaq: FNBN
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Stock price: | $0.25 at close April 26
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Market capitalization: | $4.8 million
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