National Penn Bancshares raises $140.2 million through public offering of common stock

Wed. September 16, 2009; Posted: 02:24 PM

Sep 16, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- NPBC | Quote | Chart | News | PowerRating -- National Penn Bancshares, Inc., a US-based bank holding company, has completed its public offering of 26.7 million shares of common stock at a price of $5.25 per share raising gross proceeds of $140.2 million.

Update on September 10, 2009:

National Penn has priced a public offering of 26.7 million shares of common stock at a price of $5.25 per share.

The underwriters will have a 30-day option to purchase up to an additional 4 million shares of common stock from National Penn at the offering price to cover over-allotments, if any. The offering is expected to close on September 15, 2009.

Announcement (September 8, 2009):

National Penn is planning to raise approximately $125 million through a public offering of shares of its common stock.

National Penn would grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments.

Sandler O'Neill & Partners, L.P. is acting as book-running manager and J.P. Morgan Securities Inc. and Keefe, Bruyette & Woods, Inc. are acting as co-managers for the offering.

Reed Smith LLP is acting as legal advisor to National Penn Bancshares and Kilpatrick Stockton LLP is acting as legal advisor to the underwriters.

Deal Value (US$ Million) 140.2
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-09-15

Deal Participants

Target (Company) National Penn Bancshares, Inc.

Deal Rationale

The proceeds of the transaction would be used for general corporate purposes.

Offer Price ($ per share) 5.25
No. Shares Issued         26700000

For full details on National Penn Bancshares Inc (NPBC) click here. National Penn Bancshares Inc (NPBC) has Short Term PowerRatings of 4. Details on National Penn Bancshares Inc (NPBC) Short Term PowerRatings is available at This Link.

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