18-03-2011, 17:57
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Data registrazione: Apr 2007
Messaggi: 4,192
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ucbi
ucbi in buy
news :
United Community Banks, Inc. Announces $380 Million Capital Raise
Wednesday, 16 Mar 2011 05:06pm EDT
United Community Banks, Inc. announced that it has entered into definitive agreements to raise $380 million of capital through the purchase of a combination of United's common stock and mandatorily convertible preferred stock by an affiliate of Corsair Capital, LLC (Corsair) and a group of institutional investors. Under terms of the Private Placement, shares of common stock will be sold at a price of $1.90 per share. The preferred stock will be convertible into common stock at a conversion price of $1.90 per share, and such conversion will be mandatory immediately following receipt of required shareholder approvals. Upon consummation of the Private Placement and the conversion of the preferred stock, Corsair and its limited partners will own approximately 22.5% of United's pro forma outstanding voting and non-voting common stock and will be entitled to appoint one representative to United's Board of Directors. The closing of the Private Placement is subject to customary regulatory approvals and other conditions. Sandler O'Neill + Partners, L.P. and J.P. Morgan Securities LLC acted as financial advisors and placement agents for the Private Placement.
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