Raymond James, Keefe, Bruyette & Woods, Sandler O’Neill help with deal
By Devika Patel
Knoxville, Tenn., Dec. 14 – Carolina Financial Corp. said the underwriters for its public offering of stock opted to exercise the deal’s $4.5 million greenshoe in full, lifting total proceeds of the offering to $34.5 million. The deal was announced Nov. 30 and priced for $30 million with the greenshoe on Dec. 9.
The company sold 2,262,296 common shares at $15.25 apiece. The price per share is a 3.48% discount to the Dec. 8 closing share price of $15.80. Of the shares, 295,082 were part of the fully exercised greenshoe.
Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. were the bookrunners.
Proceeds will be used for growth and general corporate purposes, which may include contributing a portion of the proceeds to CresCom Bank as additional capital.
The bank holding company is based in Charleston, S.C.
| Issuer: | Carolina Financial Corp.
|
| Issue: | Common shares
|
| Amount: | $34.5 million, including $4.5 million greenshoe of 295,082 shares
|
| Shares: | 2,262,296
|
| Price: | $15.25
|
| Warrants: | No
|
| Bookrunners: | Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc.
|
| Co-manager: | Sandler O’Neill + Partners, LP
|
| Announcement date: | Nov. 30
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Stock symbol: | Nasdaq: CARO
|
| Stock price: | $15.80 at close Dec. 8
|
| Market capitalization: | $192.67 million
|
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