Heritage Financial prices common stock offering at $11.50 per share

Thu. September 17, 2009; Posted: 09:41 AM

Sep 17, 2009 (Datamonitor via COMTEX) -- HFWA | Quote | Chart | News | PowerRating -- Heritage Financial Corporation has priced an underwritten public offering of 3.77 million shares of the company's common stock at a price to the public of $11.50 per share for gross proceeds of approximately $43.4 million.

The net proceeds to the company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $40.5 million.

Heritage intends to use the net proceeds from the offering to support opportunistic acquisitions, organic growth and general corporate purposes. The capital will also position the company for the future redemption of some or all of the preferred stock issued to the US Treasury under the troubled asset relief program's capital purchase program, according to Heritage.

The company intends to close the transaction, subject to customary conditions, on or about September 22, 2009.

Keefe, Bruyette & Woods is serving as lead bookrunning manager of the offering, and DA Davidson & Company is a co-manager. The company 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.

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