Analyst Research

Report Title Price
Provider: Thomson Reuters Stock Report
$25.00
Provider: Wright Reports
$75.00
Provider: MacroRisk Analytics/EconomicInvestor
$25.00
Provider: ValuEngine, Inc.
$25.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Independent Bank Corp Announces $86 Million Public Offering Of Common Stock


Monday, 19 Aug 2013 06:30am EDT 

Independent Bank Corp announced that it has commenced an underwritten public offering of $86 million of its common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold pursuant to this transaction to cover over-allotments, if any. All of the shares are being offered by the Company. The Company intends to use the net proceeds from this offering to redeem all of the shares of its Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series B (including all accrued and unpaid dividends) and related Warrant, both issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program, for an aggregate payment of $81 million pursuant to the terms and conditions of the previously announced Securities Purchase Agreement, dated July 26, 2013, between the Company and the U.S. Department of the Treasury. The Company intends to use any remaining net proceeds for general corporate purposes. Keefe, Bruyette & Woods, a Stifel company, is the sole book-running manager in the offering. Sandler O'Neill + Partners, L.P. and Boenning & Scattergood, Inc. are acting as co-managers for the offering. The offering will be made under the Company's registration statement initially filed with the Securities and Exchange Commission on August 9, 2013. 

Company Quote

13.11
0.2 +1.55%
26 Dec 2014