Company is selling stock at $6.05 per share to investor Warburg Pincus
By Devika Patel
Knoxville, Tenn., Jan. 7 - National Penn Bancshares Inc. settled the final $86.7 million tranche of a $150 million direct placement with Warburg Pincus on Jan. 7, according to an 8-K filed Friday with the Securities and Exchange Commission. The offering priced on Oct. 5.
The company sold 24,793,389 common shares at $6.05 per share, which approximates the average closing price of the stock over the 30 days prior to pricing and is a 2.1% discount to the Oct. 4 closing share price of $6.18. It sold 14,330,579 shares in this tranche.
"We are excited to have Warburg Pincus join us as a significant shareholder, with its longstanding record of successful investing in the financial services industry and deep understanding of the banking sector," president and chief executive officer Scott V. Fainor said in a press release at pricing.
"We believe the incremental capital will accelerate our ability to repay the U.S. Treasury for its TARP investment in us, enhance our ability to serve our customers and communities, and further differentiate National Penn from others in the industry as economic conditions improve."
Located in Boyertown, Pa., National Penn Bancshares is the holding company for National Penn Bank.
| Issuer: | National Penn Bancshares Inc.
|
| Issue: | Common stock
|
| Amount: | $150 million
|
| Shares: | 24,793,389 (14,330,579 on Jan. 7)
|
| Price: | $6.05
|
| Warrants: | No
|
| Investor: | Warburg Pincus
|
| Pricing date: | Oct. 5
|
| Settlement date: | Jan. 7 (for $86.7 million)
|
| Stock symbol: | Nasdaq: NPBC
|
| Stock price: | $6.37 at close Oct. 5
|
| Market capitalization: | $1.07 billion
|
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