Old National Bancorp prices common stock offering at $10 per share

Wed. September 23, 2009; Posted: 08:14 AM

Sep 23, 2009 (Datamonitor via COMTEX) -- ONB | Quote | Chart | News | PowerRating -- Old National Bancorp, the holding company for Old National Bank, has priced a public offering of 18 million shares of common stock at $10 per share.

The company said that the 18 million shares represent an increase in the size of the offering from that announced earlier in September 2009.

The underwriters will have a 30-day option to purchase up to an additional 2.7 million shares of common stock from the company to cover over-allotments.

Sandler O'Neill & Partners acted as the sole bookrunning manager. Keefe, Bruyette & Woods and SunTrust Robinson Humphrey were co-managers.

The company estimates the net proceeds from the offering will be approximately $171 million after deducting underwriting discounts and commissions (or approximately $196.6 million if the underwriters exercise their over-allotment option in full), before deductions for other transaction expenses.

The company intends to use the net proceeds for general corporate purposes and to support ongoing and future anticipated growth, which may include opportunistic acquisitions of other financial institutions, possibly including acquisitions of assets and liabilities of failed or distressed financial institutions in Federal Deposit Insurance Corporation-sponsored or assisted transactions.

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For full details on Old National Bancorp In (ONB) click here. Old National Bancorp In (ONB) has Short Term PowerRatings of 5. Details on Old National Bancorp In (ONB) Short Term PowerRatings is available at This Link.

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