$8.25 million greenshoe fully exercised; deal funds corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 31 - Nara Bancorp, Inc. said it completed a $63.25 million public offering of stock. The deal was announced Oct. 24 and priced for $55 million with an $8.25 million greenshoe on Oct. 26.
The company sold 8,724,475 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. Of the shares, 1,137,975 were part of the fully exercised greenshoe.
Keefe, Bruyette & Woods and D.A. Davidson & Co. were the co-lead underwriters.
Proceeds will be used for general corporate purposes, including enhancing Nara's capital position to support its pending merger with Center Financial Corp., supporting internal growth, funding working capital requirements and possibly retiring securities.
Based in Los Angeles, Nara is a bank holding company.
| Issuer: | Nara Bancorp, Inc.
|
| Issue: | Common shares
|
| Amount: | $63,252,444 (including $8,250,319 greenshoe)
|
| Shares: | 8,724,475
|
| 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: | $323.05 million
|
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