Company is selling common stock at $0.16 per share, a 36% discount
By Devika Patel
Knoxville, Tenn., June 16 - FNB United Corp. completed a $75 million tranche of a $310 million private placement of stock on June 16, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced April 27.
The company is selling common shares at $0.16 apiece, a 36% discount to the April 26 closing share price of $0.25.
Investors include the Carlyle Group and Oak Hill Capital Partners, which will each invest $77.5 million.
Based in Asheboro, N.C., FNB is a bank holding company.
| Issuer: | FNB United Corp.
|
| Issue: | Common shares
|
| Amount: | $310 million
|
| Price: | $0.16
|
| Warrants: | No
|
| Investors: | Carlyle Group (for $77.5 million) and Oak Hill Capital Partners (for $77.5 million)
|
| Pricing date: | April 27
|
| Settlement date: | June 16 (for $75 million)
|
| Stock symbol: | Nasdaq: FNBN
|
| Stock price: | $0.25 at close April 26
|
| Market capitalization: | $4.68 million
|
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