Univest Corporation of Pennsylvania raises $59.37 million through public offering of common stock

Thu. August 13, 2009; Posted: 02:20 PM

Aug 13, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- UVSP | Quote | Chart | News | PowerRating -- Univest Corporation of Pennsylvania, a US-based bank holding company, has raised $59.37 million through a public offering of common stock. Including the over-allotment option which was exercised in full by the underwriter, the company sold a total of 3,392,500 shares of common stock at a price of $17.5 per share.

Update on August 6, 2009:

Univest has priced an underwritten public offering of 2.95 million shares of its common stock at a price of $17.5 per share for total gross proceeds of $51.62 million.

Univest has granted the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. Univest expects to close the sale of common stock on August 12, 2009.

Announcement (August 3, 2009):

Univest has filed a registration statement with the Securities and Exchange Commission, to raise $50 million by issuing its common stock through underwritten public offering.

As part of the transaction, Univest intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any.

Keefe, Bruyette & Woods, Inc. is acting as sole book-running manager for the offering.

Deal Value (US$ Million) 59.37
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-08-12

Deal Participants

Target (Company) Univest Corporation of Pennsylvania

Deal Rationale

Univest intends to use the net proceeds from the offering for general corporate purposes including supporting the capital needs of its subsidiary bank, financing of its operations, repayment of short-term indebtedness, potential business acquisitions, and other capital expenditures.

Offer Price ($ per share) 17.5
No. Shares Issued         3392500

For full details for UVSP click here.

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