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Independent Bank Corp Announces Closing of Public Offering of Common Stock

Wednesday, 28 Aug 2013 11:18am EDT 

Independent Bank Corp announced the closing of an underwritten public offering of 11,500,000 shares of common stock at a price per share of $7.75. The gross proceeds to the Company, before expenses, were $89.1 million. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of common stock pursuant to this transaction to cover any over-allotments. 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 $81.0 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 the remaining net proceeds for general corporate purposes. Keefe, Bruyette & Woods, a Stifel company, acted as the sole book-running manager in the offering. Sandler O'Neill + Partners, L.P. and Boenning & Scattergood, Inc. acted as co-managers for the offering. 

Company Quote

23 Oct 2014