Associated Banc-Corp announces pricing of common stock offering
Associated Banc-Corp (NYSE: ASB) has announced the pricing of a public offering of 12 million shares of common stock at $25.00 per share, aiming to raise $300 million in gross proceeds. The underwriters have a 30-day option to purchase up to an additional 1.8 million shares. The offering is expected to close on November 18, 2024. The proceeds will support organic growth, capital generation, and potential balance sheet optimization strategies, including investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers.
Associated Banc-Corp (NYSE: ASB) ha annunciato il prezzo per un'offerta pubblica di 12 milioni di azioni di capitale comune a 25,00 dollari per azione, puntando a raccogliere 300 milioni di dollari in proventi lordi. Gli underwriter hanno un'opzione di acquisto di ulteriori 1,8 milioni di azioni per un periodo di 30 giorni. Si prevede che l'offerta si chiuda il 18 novembre 2024. I proventi sosterranno la crescita organica, la generazione di capitale e potenziali strategie di ottimizzazione del bilancio, inclusi investimenti in Associated Bank, N.A. BofA Securities e J.P. Morgan stanno agendo come gestori congiunti delle prenotazioni.
Associated Banc-Corp (NYSE: ASB) ha anunciado el precio de una oferta pública de 12 millones de acciones de acciones comunes a 25.00 dólares por acción, con el objetivo de recaudar 300 millones de dólares en ingresos brutos. Los suscriptores tienen una opción de 30 días para comprar hasta 1.8 millones de acciones adicionales. Se espera que la oferta se cierre el 18 de noviembre de 2024. Los ingresos apoyarán el crecimiento orgánico, la generación de capital y posibles estrategias de optimización del balance, incluyendo inversiones en Associated Bank, N.A. BofA Securities y J.P. Morgan están sirviendo como gerentes conjuntos de libros.
Associated Banc-Corp (NYSE: ASB)는 1200만 주의 보통주 공모가 주당 25.00달러로 책정되었으며, 3억 달러의 총 수익을 목표로 하고 있다고 발표했습니다. 인수인은 추가로 180만 주를 구매할 수 있는 30일 옵션을 가지고 있습니다. 이번 공모는 2024년 11월 18일에 종료될 예정입니다. 수익은 유기적 성장, 자본 생성 및 Associated Bank, N.A.에 대한 투자 등을 포함한 잠재적 재무제표 최적화 전략을 지원할 것입니다. BofA Securities와 J.P. Morgan이 공동 주관사로 참여하고 있습니다.
Associated Banc-Corp (NYSE: ASB) a annoncé le prix d'une offre publique de 12 millions d'actions d'actions ordinaires à 25,00 dollars par action, visant à lever 300 millions de dollars de produits bruts. Les souscripteurs disposent d'une option de 30 jours pour acheter jusqu'à 1,8 million d'actions supplémentaires. L'offre devrait se clôturer le 18 novembre 2024. Les produits soutiendront la croissance organique, la génération de capital et des stratégies d'optimisation du bilan potentielles, notamment des investissements dans Associated Bank, N.A. BofA Securities et J.P. Morgan agissent en tant que co-directeurs de livre.
Associated Banc-Corp (NYSE: ASB) hat die Preisgestaltung für ein öffentliches Angebot von 12 Millionen Aktien der Stammaktien zu 25,00 USD pro Aktie bekannt gegeben, mit dem Ziel, 300 Millionen USD an Bruttoerlösen zu sammeln. Die Underwriter haben eine 30-tägige Option, zusätzlich bis zu 1,8 Millionen Aktien zu kaufen. Es wird erwartet, dass das Angebot am 18. November 2024 abgeschlossen wird. Die Erlöse werden das organische Wachstum, die Kapitalgenerierung und potenzielle Strategien zur Optimierung der Bilanz unterstützen, einschließlich Investitionen in Associated Bank, N.A. BofA Securities und J.P. Morgan fungieren als gemeinsame Buchführungsleiter.
- Successful pricing of $300 million common stock offering
- Additional capital to support organic growth and expansion
- Potential for balance sheet optimization
- Potential dilution of existing shareholders' equity
- Additional 1.8M shares may further dilute ownership if underwriters exercise their option
Insights
This
The stated use of proceeds for organic growth and potential balance sheet optimization is particularly noteworthy in the current banking environment. This capital raise will strengthen Associated's financial position and provide flexibility for strategic initiatives. However, the stock issuance will result in dilution for existing shareholders, with the offering representing approximately
The involvement of major underwriters BofA Securities and J.P. Morgan adds credibility to the offering and suggests strong institutional interest. The timing and size of this offering indicate Associated's proactive approach to capital management and growth strategy execution.
In addition, Associated Banc-Corp has granted the underwriters an option to purchase up to an additional 1,800,000 shares of its Common Stock for 30 days following the date of this pricing. The offering is expected to close on November 18, 2024, subject to the satisfaction of customary closing conditions.
Associated expects to use the net proceeds from this offering for general corporate purposes to support continued organic growth and capital generation, which may include investments in Associated Bank, N.A. and potential balance sheet optimization strategies.
BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering.
The Common Stock will be issued pursuant to an effective shelf registration statement (File No. 333-280004) and a preliminary prospectus supplement filed with the Securities and Exchange Commission (the "SEC"), and a final prospectus supplement to be filed with the SEC.
Copies of the registration statement, the preliminary prospectus supplement and the accompanying base prospectus relating to the Common Stock offering can be obtained without charge by visiting the SEC's website at www.sec.gov, or by contacting BofA Securities, 201 North Tryon Street,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Common Stock is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of
FORWARD-LOOKING STATEMENTS
Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding the proposed offering and the intended use of proceeds. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," "target," "outlook," "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings.
Investor Contact:
Ben McCarville, Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Andrea Kozek, Senior Manager, Public Relations
920-491-7518
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SOURCE Associated Banc-Corp
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