Park National Corp. (PRK) announced that it has entered into agreements with institutional investors for a direct sale of an aggregate 500 thousand common shares and warrants. Gross proceeds from the sale of the common shares and warrants total $30.8 million or $61.59 per share. The company expects the offering to close on November 2, 2009.
The Park warrants are exercisable for an additional 500 thousand common shares with an exercise price of $67.75 per share, or 110% of the price per share at which the initial $30.8 million was sold.
Park said it will use the proceeds from the direct sale for general corporate purposes and to take advantage of strategic opportunities that may arise. General corporate purposes include acquisition opportunities, capital expenditures, investments in or loans to subsidiaries, payment or refinancing of debt, and partial or complete repayment of Park's financial commitments in the U.S. government's TARP Capital Purchase Program.
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