Nara Bancorp prices public offering of common stock

Fri. October 23, 2009; Posted: 01:49 AM

Oct 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- NARA | Quote | Chart | News | PowerRating -- Update on October 21, 2009:

Nara Bancorp, Inc., the US-based bank holding company of Nara Bank, has priced an underwritten public offering of 10 million shares of its common stock at a price of $7.50 per share to raise gross proceeds of $75 million. The offering size has been increased from $70 million to $75 million.

Nara Bancorp has granted the underwriter a 30-day option to purchase up to an additional 1.5 million shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about October 27, 2009.

Announcement (October 19, 2009):

Nara Bancorp has commenced an underwritten public offering of approximately $70 million of its common stock.

Nara Bancorp intends to grant the underwriter an option to purchase up to an additional 15% of common stock sold in the offering to cover over-allotments.

Keefe, Bruyette & Woods, Inc. is acting as the sole underwriter for the offering.

Deal Value (US$ Million) 75
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-10-19

Deal Participants

Target (Company) Nara Bancorp, Inc.

Deal Rationale

Nara Bancorp intends to use the net proceeds of the offering for general corporate purposes. These purposes include funding working capital requirements, supporting growth of Nara Bancorp's banking business, including both internal growth and growth from possible acquisitions, and related regulatory capital needs.

Offer Price ($ per share) 7.5
No. Shares Issued         10000000

For full details on Nara Bancorp Inc (NARA) click here. Nara Bancorp Inc (NARA) has Short Term PowerRatings of 6. Details on Nara Bancorp Inc (NARA) Short Term PowerRatings is available at This Link.

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