Market Overview

Independent Bank Corporation Prices 11.5M Share Offering at $7.75/Share

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Independent Bank Corporation (NASDAQ: IBCP) ("Independent" or the "Company") announced the pricing of an underwritten public offering of 11,500,000 shares of its common stock at a price of $7.75 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of common stock sold pursuant to this transaction to cover over-allotments, if any.

The Company intends to use the net proceeds from this offering to redeem all of the shares of its Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series B (including all accrued and unpaid dividends) and related Warrant, both issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program, for an aggregate payment of $81 million pursuant to the terms and conditions of the previously announced Securities Purchase Agreement, dated July 26, 2013, between the Company and the U.S. Department of the Treasury.  The Company intends to use any remaining net proceeds for general corporate purposes.

The offering of common stock may be made only by means of a prospectus.  Keefe, Bruyette & Woods, a Stifel company, is the sole book-running manager in the offering.  Sandler O'Neill + Partners, L.P.

See full press release

Posted-In: News Guidance Contracts Asset Sales Management Global

 

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