Cathay General Bancorp raises $81 million through public offering of common stock

Tue. October 20, 2009; Posted: 02:19 PM

Oct 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- CATY | Quote | Chart | News | PowerRating -- Cathay General Bancorp, a US-based bank holding company of Cathay Bank, has raised $81 million through a public offering of common stock. Including the over-allotment option which was exercised in full by the underwriters, the company sold a total of 8,756,756 shares of common stock at a price of $9.25 per share.

Update on October 13, 2009:

Cathay General has priced a public offering of 7,614,571 shares of its common stock at a price of $9.25 per share to raise gross proceeds of $70.4 million. The closing is expected to occur on or about October 19, 2009.

Cathay General has granted the underwriter a 30-day option to purchase up to an additional 1,142,185 shares of its common stock to cover over-allotments, if any.

Announcement (September 3, 2009):

Cathay General is planning to raise up to $75 million through a public offering of shares of its common stock.

Cathay General will grant the underwriters a 30-day option to purchase up to an additional $10.5 million of its common stock to cover over allotments.

Merrill Lynch & Co., Inc. is acting as sole book-runner for the offering. J.P. Morgan Securities, Inc. and Deutsche Bank Securities, Inc. are acting as underwriters for the offering.

Deal Value (US$ Million) 81
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-10-19

Deal Participants

Target (Company) Cathay General Bancorp

Deal Rationale

The net proceeds of the offering will be used for general corporate purposes including increasing liquidity, increasing capital and reducing borrowings of Cathay General Bancorp.

Offer Price ($ per share) 9.25
No. Shares Issued         8756756

For full details on Cathay General Bancorp (CATY) click here. Cathay General Bancorp (CATY) has Short Term PowerRatings of 6. Details on Cathay General Bancorp (CATY) Short Term PowerRatings is available at This Link.

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