Marshall & Ilsley Corporation Announces Pricing of $500 Million Common Stock
Offering
MILWAUKEE, June 11 /PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation
(NYSE: MI) (M&I) announced today the pricing of its public offering of
87,000,000 shares of its common stock at $5.75 per share. The proceeds to M&I
after deducting underwriting discounts and commissions and estimated offering
expenses are expected to be approximately $480 million. M&I has granted the
underwriters an option to purchase up to an additional 13,000,000 shares of
its common stock. The offering is expected to close on June 17, 2009. Morgan
Stanley & Co. Incorporated and Barclays Capital Inc. are acting as joint
book-runners for the offering.
M&I intends to use the net proceeds of this offering for general corporate
purposes and may contribute some portion of the net proceeds to the capital of
its subsidiaries, which will use these contributions for their general
corporate purposes.
To the extent that M&I's Board of Directors determines at a future date that
it is in the best interests of M&I and its shareholders to do so, M&I may
elect to repurchase a portion of its Senior Preferred Stock, Series B issued
to the United States Department of the Treasury as part of its Capital
Purchase Program with all or a portion of the remaining net proceeds of this
offering. Any such repurchase would be subject to consultation with and
approval by M&I's banking regulators. In the event that M&I chooses to seek
such approval, there can be no assurance that such approval would be granted.
This press release does not constitute an offer to sell or a solicitation of
an offer to buy any securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The offering will be made pursuant to M&I's effective shelf registration
statement filed with the Securities and Exchange Commission (SEC). Investors
should read the preliminary prospectus supplement and the accompanying
prospectus for more complete information about M&I and the offering. These
documents can be obtained free of charge by visiting IDEA on the SEC's website
at www.sec.gov. Alternatively, copies may be obtained from Morgan Stanley &
Co. Incorporated, 180 Varick Street, Second Floor, New York, New York 10014,
Attention: Prospectus Department, Toll Free (866) 718-1649, or by email at
prospectus@morganstanley.com; or Barclays Capital Inc., c/o Broadridge
Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York
11717, Toll Free (888) 603-5847; or by email at
barclaysprospectus@broadridge.com.
About Marshall & Ilsley Corporation
Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $61.8 billion in assets.
Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based
bank, with 193 offices throughout the state. In addition, M&I has 53 locations
throughout Arizona; 32 offices in Indianapolis and nearby communities; 36
offices along Florida's west coast and in central Florida; 16 offices in
Kansas City and nearby communities; 26 offices in metropolitan Minneapolis/St.
Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. M&I's
Southwest Bank subsidiary has 17 offices in the greater St. Louis area. M&I
also provides trust and investment management, equipment leasing, mortgage
banking, asset-based lending, financial planning, investments, and insurance
services from offices throughout the country and on the Internet
(www.mibank.com or www.micorp.com). M&I's customer-based approach, internal
growth, and strategic acquisitions have made M&I a nationally recognized
leader in the financial services industry.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include, without limitation, statements
regarding certain plans, expectations and goals that are preceded by, followed
by, or that include words such as "may," "expects," "anticipates," "estimates"
or "believes." Such statements are subject to important factors that could
cause M&I's actual results to differ materially from those anticipated by the
forward-looking statements. These factors include: (i) M&I's exposure to the
deterioration in the commercial and residential real estate markets, along
with the deterioration in the U.S. economy as a whole, which could result in
increased charge-offs and increases in M&I's allowance for loan and lease
losses, (ii) various other factors, including changes in economic conditions
affecting borrowers, new information regarding outstanding loans and
identification of additional problem loans, which could require an increase in
M&I's allowance for loan and lease losses, (iii) M&I's ability to maintain
required levels of capital, (iv) the impact of recent and future legislative
initiatives on the financial markets or on M&I, (v) M&I's exposure to the
actions and potential failure of other financial institutions, (vi) volatility
in M&I's stock price, and (vii) those factors referenced in Item 1A. Risk
Factors in M&I's annual report on Form 10-K for the year ended December 31,
2008, and as may be described from time to time in M&I's subsequent SEC
filings, which factors are incorporated herein by reference. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which reflect only M&I's belief as of the date of this press release. Except
as required by federal securities law, M&I undertakes no obligation to update
these forward-looking statements or reflect events or circumstances after the
date of this press release.
SOURCE Marshall & Ilsley Corporation
Greg Smith, senior vice president, chief financial officer, +1-414-765-7727,
or Dave Urban, vice president, director of investor relations,
+1-414-765-7853, both of Marshall & Ilsley Corporation
