Deal with $8.25 million greenshoe expected to fund corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 26 - Nara Bancorp, Inc. said it priced a $55 million public offering of stock with an $8.25 million greenshoe. The deal was announced Monday.
The company will sell 7,586,500 common shares at $7.25 apiece. The price per share is a 3.33% discount to the Oct. 25 closing share price of $7.50.
Keefe, Bruyette & Woods and D.A. Davidson & Co. are the co-lead underwriters.
Settlement is expected Oct. 31.
Proceeds will be used for general corporate purposes, including enhancement of Nara's capital position to support its pending merger with Center Financial Corp., supporting internal growth, funding working capital requirements and funding the possible retirement of securities.
Based in Los Angeles, Nara is a bank holding company.
| Issuer: | Nara Bancorp, Inc.
|
| Issue: | Common shares
|
| Amount: | $55 million
|
| Greenshoe: | $8,250,319
|
| Shares: | 7,586,500
|
| Price: | $7.25
|
| Warrants: | No
|
| Underwriters: | Keefe, Bruyette & Woods and D.A. Davidson & Co. (co-leads)
|
| Announcement date: | Oct. 24
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Nasdaq: NARA
|
| Stock price: | $7.50 at close Oct. 25
|
| Market capitalization: | $318.11 million
|
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