National Penn Bancshares Inc. (NPBC) announced its intention to commence a public offering of about $125 million of its common stock.
Sandler O'Neill + Partners, L.P. is acting as sole book-running manager and J.P. Morgan Securities Inc. and Keefe, Bruyette & Woods, Inc. are acting as co-managers for the offering. Reed Smith LLP is acting as legal counsel to National Penn, and Kilpatrick Stockton LLP is acting as legal counsel to the underwriters. The underwriters will have a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any.
National Penn said that it expects to use the net proceeds from this offering for general corporate purposes which may include, among other uses, making investments at the holding company level, providing capital to support National Penn's subsidiaries, including National Penn Bank, supporting asset and deposit growth, engaging in acquisitions or other business combinations, reducing or refinancing existing debt or the repurchase of the Series B Preferred Stock and the warrant issued to the U.S. Treasury pursuant to National Penn's participation in the U.S. Treasury's TARP Capital Purchase Program. National Penn does not have any specific plans for acquisitions other business combinations at this time.
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