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Heritage Financial Corporation, a US-based bank holding company, has priced an underwritten public offering of 3,775,000 shares of the company's common stock at a price of $11.50 per share to raise gross proceeds of approximately $43.4 million. 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. The offering is expected to close on or about September 22, 2009. Announcement (September 14, 2009): Heritage Financial is planning to raise approximately $35 million through a public offering of shares of its common stock. Heritage Financial would grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments. Keefe, Bruyette & Woods, Inc. is acting as book-running manager and D.A. Davidson & Co. as co-manager for the offering. Deal Value (US$ Million) 43.4 Deal Type IPO Sub-Category Secondary Offering Deal Status Announced: 2009-09-14 Deal Participants Target (Company) Heritage Financial Corporation Deal Rationale Heritage Financial intends to use the net proceeds from the offering to support opportunistic acquisitions, organic growth, and general corporate purposes. Offer Price ($ per share) 11.5 No. Shares Issued 3775000 For full details for HFWA click here.
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