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Eastern Virginia Bankshares Inc Announces Closing of $45.0 Million Private Placement

Wednesday, 12 Jun 2013 05:39pm EDT 

Eastern Virginia Bankshares Inc announced the closing of the previously announced $45.0 million private placements with affiliates of Castle Creek Capital Partners (Castle Creek) and GCP Capital Partners (GCP Capital) and certain other institutional investors pursuant to which Company issued 4,649,919 newly issued shares of Company's common stock and 5,240,192 shares of a new series of non-voting mandatorily convertible non-cumulative preferred stock, each at $4.55 per share (the Private Placements). The Company intends to use the gross proceeds from the Private Placements for general corporate purposes, including, without limitation, the strengthening of its balance sheet, the accelerated resolution and disposition of assets adversely classified by Company and the optimization of its balance sheet through the restructuring of Federal Home Loan Bank advances, with ultimate goals of repurchasing its preferred stock and warrants issued to the U.S. Treasury through the Troubled Asset Relief Program and exiting from the previously disclosed Written Agreement with the Federal Reserve Bank of Richmond and the Virginia Bureau of Financial Institutions. Keefe, Bruyette & Woods, Inc. (KBW) acted as the exclusive placement agent for the Company and Troutman Sanders LLP acted as legal advisor to the Company. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Castle Creek. DLA Piper LLP (US) acted as legal advisor to GCP Capital. Patton Boggs LLP acted as legal advisor to KBW. 

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-0.18 -2.82%
1:34pm EDT