Renasant Corporation Announces Closing of Common Stock Offering
Renasant (NYSE: RNST) has successfully completed its public offering of 7,187,500 shares of common stock at $32.00 per share, including 937,500 additional shares due to the underwriters exercising their full option. The offering generated gross proceeds of $230.0 million, with expected net proceeds of approximately $217.0 million after deducting expenses. Renasant plans to use the funds for general corporate purposes, supporting growth, investments in Renasant Bank, and potential strategic acquisitions.
Stephens Inc. led the offering as the book-running manager, with Raymond James & Associates as joint book-running manager. The offering was made through a prospectus supplement and base prospectus, available on the SEC's website.
Renasant (NYSE: RNST) ha completato con successo la sua offerta pubblica di 7.187.500 azioni di azioni ordinarie a 32,00 $ per azione, inclusi 937.500 azioni aggiuntive a seguito dell'esercizio completo dell'opzione da parte degli underwriting. L'offerta ha generato proventi lordi di 230,0 milioni di dollari, con proventi netti attesi di circa 217,0 milioni di dollari dopo la deduzione delle spese. Renasant prevede di utilizzare i fondi per fini aziendali generali, sostenere la crescita, investimenti nella Renasant Bank e potenziali acquisizioni strategiche.
Stephens Inc. ha guidato l'offerta come gestore principale, con Raymond James & Associates in qualità di gestore co-principale. L'offerta è stata effettuata tramite un supplemento di prospetto e un prospetto base, disponibili sul sito web della SEC.
Renasant (NYSE: RNST) ha completado con éxito su oferta pública de 7,187,500 acciones de acciones comunes a $32.00 por acción, incluyendo 937,500 acciones adicionales debido a que los suscriptores ejercieron su opción completa. La oferta generó ingresos brutos de $230.0 millones, con ingresos netos esperados de aproximadamente $217.0 millones después de deducir gastos. Renasant planea utilizar los fondos para fines corporativos generales, apoyar el crecimiento, invertir en Renasant Bank y posibles adquisiciones estratégicas.
Stephens Inc. lideró la oferta como el administrador de libros principal, con Raymond James & Associates como co-administrador de libros. La oferta se realizó a través de un suplemento de prospecto y un prospecto base, disponibles en el sitio web de la SEC.
레나산(Renasant) (NYSE: RNST)은 7,187,500주의 보통주에 대한 공모를 성공적으로 완료했으며, 주당 $32.00에 가격을 책정했습니다. 여기에는 인수자들이 전체 옵션을 행사하여 추가된 937,500주가 포함되어 있습니다. 이번 공모로 총 수익은 2억 3천만 달러를 기록했으며, 비용을 차감한 후 예상 순수익은 약 2억 1천7백만 달러입니다. 레나산은 이 자금을 일반 기업 목적에 사용하여 성장 지원, 레나산 은행에 대한 투자 및 잠재적인 전략적 인수를 계획하고 있습니다.
스티븐스(Stephens Inc.)는 북런닝 매니저로 이번 공모를 주도하였으며, 레이몬드 제임스 앤 어소시에이츠(Raymond James & Associates)가 공동 북런닝 매니저로 참여했습니다. 이번 공모는 SEC 웹사이트에서 확인할 수 있는 보충 설명서와 기본 설명서를 통해 진행되었습니다.
Renasant (NYSE: RNST) a réussi à finaliser son offre publique de 7 187 500 actions de capital à un prix de 32,00 $ par action, y compris 937 500 actions supplémentaires en raison de l'exercice complet de l'option par les souscripteurs. Cette offre a généré des produits bruts de 230,0 millions de dollars, avec des produits nets attendus d'environ 217,0 millions de dollars après déduction des frais. Renasant prévoit d'utiliser ces fonds pour des fins corporatives générales, soutenir la croissance, investir dans la Renasant Bank et envisager des acquisitions stratégiques potentielles.
Stephens Inc. a dirigé l'offre en tant que gestionnaire principal, avec Raymond James & Associates en tant que co-gestionnaire principal. L'offre a été réalisée par le biais d'un prospectus complémentaire et d'un prospectus de base, disponibles sur le site web de la SEC.
Renasant (NYSE: RNST) hat erfolgreich seine öffentliche Angebotsrunde über 7.187.500 Aktien von Stammaktien zu einem Preis von 32,00 $ pro Aktie abgeschlossen, einschließlich 937.500 zusätzlicher Aktien, die aufgrund der vollständigen Ausübung der Optionsrechte durch die Underwriter hinzugefügt wurden. Das Angebot generierte brutto Erlöse von 230,0 Millionen Dollar, mit geschätzten Nettoerlösen von etwa 217,0 Millionen Dollar nach Abzug der Kosten. Renasant plant, die Mittel für allgemeine Unternehmenszwecke zu verwenden, das Wachstum zu unterstützen, in die Renasant Bank zu investieren und potenzielle strategische Übernahmen zu tätigen.
Stephens Inc. führte das Angebot als Hauptbuchführer, während Raymond James & Associates als gemeinsamer Hauptbuchführer fungierte. Das Angebot wurde über ein Prospekt und einen Basisprospekt durchgeführt, die auf der Website der SEC verfügbar sind.
- Successful completion of public offering, raising $230.0 million in gross proceeds
- Net proceeds of approximately $217.0 million after expenses
- Funds to be used for growth, investments in Renasant Bank, and potential strategic acquisitions
- Full exercise of underwriters' option to purchase additional shares, indicating strong demand
- Potential dilution of existing shareholders due to the issuance of 7,187,500 new shares
Insights
Renasant 's successful completion of its common stock offering is a significant development that warrants close attention from investors. The company raised
The offering's success indicates strong investor confidence in Renasant's growth prospects. The
However, investors should be aware of the dilutive effect on existing shareholders. The offering increases the outstanding share count by about
The involvement of reputable underwriters like Stephens Inc. and Raymond James adds credibility to the offering. Their willingness to fully exercise the overallotment option signals confidence in the stock's prospects. Investors should monitor Renasant's future announcements for details on how it plans to utilize this capital to drive growth and enhance shareholder value.
Renasant 's successful stock offering reflects a broader trend in the banking sector, where institutions are bolstering their capital bases to navigate economic uncertainties and seize growth opportunities. This
The timing of this offering is noteworthy, coming amidst a period of economic uncertainty and regulatory scrutiny in the banking sector. Renasant's ability to raise capital at a relatively small discount to market price suggests investor confidence in its business model and management team. This contrasts with some peers who have faced challenges in accessing capital markets.
The stated use of proceeds for "general corporate purposes" and potential acquisitions aligns with industry trends towards consolidation and digital transformation. Regional banks like Renasant are increasingly looking to scale up to compete with larger national institutions and fintech disruptors. This capital infusion could accelerate Renasant's growth trajectory and potentially reshape the competitive landscape in its markets.
Investors should watch for signs of how Renasant deploys this capital. Will it focus on organic growth initiatives, such as expanding its digital capabilities or entering new markets? Or will it pursue acquisitions to quickly gain scale and market share? The effectiveness of capital allocation will be important in determining the long-term impact of this offering on shareholder value.
The successful completion of Renasant 's common stock offering demonstrates meticulous adherence to regulatory requirements and best practices in capital markets transactions. The company's use of a shelf registration statement (Form S-3) streamlined the offering process, allowing for efficient market access when conditions were favorable.
Notably, Renasant's disclosure practices align with SEC guidelines, emphasizing transparency and investor protection. The company's clear communication about the offering terms, use of proceeds and underwriter details in the press release reflects a commitment to keeping investors well-informed. The explicit mention of the prospectus supplement and base prospectus, along with instructions for accessing these documents, underscores compliance with Section 10 of the Securities Act of 1933.
The inclusion of a disclaimer stating that the press release is for informational purposes only and does not constitute an offer to sell or solicitation to buy securities is a prudent legal measure. This language helps mitigate potential liability risks associated with public communications during securities offerings.
From a governance perspective, the successful execution of this offering suggests effective coordination between Renasant's management, board of directors and external advisors. The full exercise of the underwriters' option to purchase additional shares indicates strong demand and potentially favorable terms negotiated by the company.
Investors should note that while the offering strengthens Renasant's financial position, it also creates obligations to a larger shareholder base. This may influence future corporate decisions and strategies as the company balances growth initiatives with shareholder returns.
TUPELO, Miss., July 31, 2024 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE: RNST) (the “Corporation”) today announced that it has completed its public offering of an aggregate of 7,187,500 shares of its common stock (the “common stock”) at a price of
Stephens Inc. acted as lead book-running manager for the offering, and Raymond James & Associates, Inc. acted as joint book-running manager for the offering. Janney Montgomery Scott LLC, Piper Sandler & Co. and Hovde Group, LLC acted as co-managers for the offering.
The Corporation’s common stock was offered only by means of a prospectus supplement, dated July 30, 2024, and accompanying base prospectus, included in the Corporation’s registration statement on Form S-3 (File No. 333-260188), filed with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Alternatively, the Corporation, the underwriters or any dealer that participated in the offering will arrange to send you electronic copies of such documents if you request them by contacting Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attention: Syndicate, or by calling toll free (800) 643-9691 or by email at prospectus@stephens.com.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy the common stock of the Corporation, nor shall there be any sale of such securities in any state or other 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. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus relating thereto.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately
SAFE HARBOR LANGUAGE:
This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include information about the Corporation’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Corporation’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Corporation’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.
Investors are urged to carefully consider the risks described in the Corporation’s filings with the SEC from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov. The Corporation undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.
| Contacts: | For Media: | For Financials: | |
| John S. Oxford | James C. Mabry IV | ||
| Senior Vice President | Executive Vice President | ||
| Chief Marketing Officer | Chief Financial Officer | ||
| (662) 680-1219 | (662) 680-1281 |
FAQ
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