LOCKPORT, N.Y., April 14 /PRNewswire-FirstCall/ -- First Niagara Financial
Group, Inc. (Nasdaq: FNFG) today announced the pricing of an underwritten
public offering of 27,000,000 shares of the Company's common stock at a price
to the public of $12.25 per share for gross proceeds of approximately $330.8
million. The net proceeds to the Company after deducting underwriting
discounts and commissions and estimated offering expenses are expected to be
approximately $313.6 million.
First Niagara has granted the underwriters a 30-day option to purchase up to
an additional 4,050,000 shares of First Niagara common stock to cover
over-allotments, if any. Keefe, Bruyette & Woods, Inc. and Goldman, Sachs &
Co., acted as representatives of the underwriters.
The Company expects to close the transaction, subject to customary conditions,
on or about April 20, 2009.
This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any offer or sale of
these securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The offering will be made only by means of a prospectus and
prospectus supplement, copies of which may be obtained from Keefe, Bruyette &
Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York,
NY 10019 or by calling toll-free (800) 966-1559 or from Goldman, Sachs & Co.,
Attn: Prospectus Department, 85 Broad Street, New York, NY 10004 or by faxing
(212) 902-9316, calling toll-free (866) 471-2526 or emailing
Prospectus-ny@ny.email.gs.com.
About First Niagara - First Niagara Financial Group, Inc., through its wholly
owned subsidiary First Niagara Bank, has assets of $9.6 billion and deposits
of $6.2 billion at March 31, 2009. First Niagara Bank is a community-oriented
savings bank providing financial services to individuals, families and
businesses through 113 branches and four Regional Market Centers across
Upstate New York. In April 2009, the Company announced plans to add another
57 branches in Pittsburgh, Warren and Erie, Pa., additional deposits of $4.2
billion and additional loans of $839 million in an acquisition that is
expected to close in September 2009.
Forward-Looking Statements - This press release contains forward-looking
statements with respect to the financial condition and results of operations
of First Niagara Financial Group, Inc. including, without limitations,
statements relating to the earnings outlook of the Company. These
forward-looking statements involve certain risks and uncertainties. Factors
that may cause actual results to differ materially from those contemplated by
such forward-looking statements include, among others, the following
possibilities: (1) changes in the interest rate environment; (2) competitive
pressure among financial services companies; (3) general economic conditions
including an increase in non-performing loans that could result from an
economic downturn; (4) changes in legislation or regulatory requirements; (5)
difficulties in continuing to improve operating efficiencies; (6) difficulties
in the integration of acquired businesses; and (7) increased risk associated
with an increase in commercial real-estate and business loans and
non-performing loans.
SOURCE First Niagara Financial Group, Inc.
John R. Koelmel, President and Chief Executive Officer, or Michael W.
Harrington, Chief Financial Officer, or Anthony M. Alessi, Investor Relations
Manager, +1-716-625-7692, tony.alessi@fnfg.com; or Leslie G. Garrity, Public
Relations and Corporate Communications Manager, +1-716-625-7528,
leslie.garrity@fnfg.com
