By Devika Patel
Knoxville, Tenn., May 24 - Hampton Roads Bankshares, Inc. said it negotiated a $255 million private placement of stock. The placement is being conducted alongside a $20 million rights offering at the same price per share.
The Carlyle Group and Anchorage Advisors, LLC will invest $72.57 million by buying approximately 168.8 million shares each.
Proceeds will be used to make capital contributions to and strengthen the balance sheets of the company's subsidiary banks and for other general corporate purposes.
Hampton Roads, located in Norfolk, Va., is the financial holding company for Bank of Hampton Roads and Shore Bank.
| Issuer: | Hampton Roads Bankshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $255 million
|
| Warrants: | No
|
| Investors: | The Carlyle Group and Anchorage Advisors, LLC (for $72,565,714)
|
| Pricing date: | May 24
|
| Stock symbol: | Nasdaq: HMPR
|
| Stock price: | $1.67 at close May 21
|
| Market capitalization: | $43.2 million
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