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Marshall & Ilsley prices $782 million public offering

Posted on: Fri, 23 Oct 2009 01:49:00 EDT

Symbols: MI

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

Marshall & Ilsley Corporation (M&I), a US-based financial services company, has priced a public offering of 136 million shares of its common stock at a price of $5.75 per share for total gross proceeds of $782 million.

M&I has granted the underwriters an option to purchase up to an additional 20.4 million shares of its common stock. The offering is expected to close on October 27, 2009.

Announcement (October 20, 2009):

M&I has filed a shelf registration statement with the US Securities and Exchange Commission (SEC) to raise $775 million through a public offering of its common stock.

M&I has granted the underwriters an option to purchase up to an additional 15% of the shares sold in the offering.

Morgan Stanley and Banc of America Merrill Lynch Securities are acting as joint book-running managers, and Robert W. Baird & Co. Incorporated, Morgan Keegan & Company, Inc., Oppenheimer & Co., Inc., Sandler O'Neill & Partners, L.P. and Stifel, Nicolaus & Company, Incorporated are acting as underwriters for the offering.

Deal Value (US$ Million) 782
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-10-20

Deal Participants

Target (Company) Marshall & Ilsley Corporation

Deal Rationale

M&I will use the proceeds for general corporate purpose and to contribute some portion of the proceeds to the capital of its subsidiaries, which will use these contributions for their general corporate purposes.

It may also use a portion of the proceeds to repurchase its outstanding indebtedness from time to time in the future that include senior preferred stock.

Offer Price ($ per share) 5.75
No. Shares Issued         136000000

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