logo
Share SHARE
FONT-SIZE Plus   Neg

Independent Bank Begins Underwritten Public Offering Of $86 Mln Of Common Stock

Independent Bank Corp. (IBCP) announced that it has commenced an underwritten public offering of $86 million of its common stock. The company stated that it intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock sold pursuant to this transaction to cover over-allotments, if any. All of the shares are being offered by the Company.

The company noted that it 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After falling sharply in early trading, stocks showed a substantial turnaround over the course of the trading session on Tuesday. The major averages bounced well off their lows for the session and into positive territory. Coca-Cola announced that it is removing its trademark logo from cans in the Middle East as part of the soda giant's marketing campaign to fight prejudice. The company has replaced its famous trademark logo with "Labels are for cans not people," message. The company has made the change during the... Carnival said it has obtained U.S. approval to begin cruises to Cuba. The announcement by the cruise operator follows the recent restoration of diplomatic relations between the U.S. and Cuba.
comments powered by Disqus
RELATED NEWS
Trade IBCP now with 
Follow RTT