Bookrunner BofA Merrill Lynch helps fund series A preferred redemption
By Devika Patel
Knoxville, Tenn., March 25 – Franklin Financial Network, Inc. said it priced its $55.44 million initial public offering of stock with an $8.32 million greenshoe. The deal was announced Jan. 15.
The company will sell 2.64 million common shares at $21.00 per share.
BofA Merrill Lynch is the bookrunner.
Settlement is expected on March 31.
A portion of the proceeds will be used to redeem the company’s series A preferred shares, that were issued to the U.S. Treasury in the SBLF program. The dividend on the preferreds increases to 9% from 1% in March 2016. Proceeds will also be used for growth, including potential acquisitions and general corporate purposes.
The holding company of Franklin Synergy Bank is based in Franklin, Tenn. The company intends to list its common stock on the NYSE exchange under the symbol “FSB.”
| Issuer: | Franklin Financial Network, Inc.
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| Issue: | Common stock
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| Amount: | $55.44 million
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| Greenshoe: | $8,316,000
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| Shares: | 2.64 million
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| Price: | $21.00
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| Warrants: | No
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| Bookrunner: | BofA Merrill Lynch
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| Lead manager: | Raymond James
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| Co-manager: | Sterne Agee
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| Announcement date: | Jan. 15
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| Pricing date: | March 25
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| Settlement date: | March 31
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| Stock exchange: | NYSE: FSB
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