Renasant Corp. (RNST) announced the pricing of its public offering of 6.25 million shares of its common stock at a price to the public of $32.00 per share, for an aggregate offering amount of $200.0 million.
In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price, less underwriting discounts.
Stephens Inc. acted as lead book-running manager for the offering, and Raymond James & Associates, Inc. acted as joint book-running manager for the offering. Janney Montgomery Scott LLC, Piper Sandler & Co. and Hovde Group, LLC acted as co-managers for the offering.
The company expects that the net proceeds of the offering will be approximately $190.0 million, assuming no exercise of the underwriters' option to purchase additional shares, after deducting underwriting discounts and before deducting transaction expenses payable by the Corporation.
The company plans to use the net proceeds of the offering for general corporate purposes to support its continued growth, including investments in Renasant Bank and future strategic acquisitions.
RNST closed Monday's regular trading at $35.95 down $1.14 or 3.07%. In the after-hours trading the stock further dropped $1.70 or 4.73%.
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