First Niagara Financial Group Announces Pricing of $350M Preferred Stock Offering

First Niagara Financial Group, Inc. FNFG today announced that it has priced an underwritten public offering of 14 million shares of its fixed-to-floating rate perpetual non-cumulative preferred stock, Series B, at a price to the public of $25.00 per share plus accrued dividends from December 14, 2011. Goldman, Sachs & Co. served as the global coordinator for the offering, Merrill Lynch, Pierce, Fenner & Smith Incorporated served as the physical bookrunner for the offering, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC served as joint book-running managers for the offering, Citigroup Global Markets Inc. served as the joint lead manager, Sandler O'Neill + Partners, L.P. served as the co-manager for the offering. The offering of preferred stock is expected to close on December 14, 2011. The preferred stock has a liquidation preference of $25 per share. Dividends on the preferred stock will accrue at a rate of 8.625% from the date of issuance up to (but excluding) February 15, 2017, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 7.327% per annum. Subject to market conditions, First Niagara expects to commence a separate underwritten public offering of $300 million aggregate principal amount of subordinated notes in the near future.