Washington Trust Announces Closing of Upsized Stock Offering
Washington Trust Bancorp (NASDAQ: WASH) has successfully closed its upsized public stock offering, selling 1,911,764 shares at $34.00 per share. The offering included 286,764 additional shares through the underwriters' purchase option, bringing the total to 2,198,528 shares. BofA Securities acted as the sole book-running manager.
The company expects to receive approximately $71.01 million in proceeds after underwriting discounts and commissions. The funds will be used for general corporate purposes, including supporting organic growth, capital generation, Bank investments, and balance sheet optimization strategies such as selling lower-yielding loans, repaying wholesale funding, and purchasing higher-yielding debt securities.
Washington Trust Bancorp (NASDAQ: WASH) ha concluso con successo la sua offerta pubblica di azioni ampliata, vendendo 1.911.764 azioni a 34,00 $ per azione. L'offerta ha incluso 286.764 azioni aggiuntive tramite l'opzione di acquisto degli underwriter, portando il totale a 2.198.528 azioni. BofA Securities ha agito come unico gestore del libro.
L'azienda prevede di ricevere circa 71,01 milioni di dollari in proventi dopo gli sconti e le commissioni di sottoscrizione. I fondi saranno utilizzati per scopi aziendali generali, inclusi il supporto alla crescita organica, la generazione di capitale, gli investimenti bancari e le strategie di ottimizzazione del bilancio, come la vendita di prestiti a basso rendimento, il rimborso dei finanziamenti all'ingrosso e l'acquisto di titoli di debito a maggiore rendimento.
Washington Trust Bancorp (NASDAQ: WASH) ha cerrado con éxito su oferta pública de acciones ampliada, vendiendo 1.911.764 acciones a 34,00 $ por acción. La oferta incluyó 286.764 acciones adicionales a través de la opción de compra de los suscriptores, llevando el total a 2.198.528 acciones. BofA Securities actuó como el único director del libro.
La compañía espera recibir aproximadamente 71,01 millones de dólares en ingresos después de descuentos y comisiones de suscripción. Los fondos se utilizarán para fines corporativos generales, incluyendo el apoyo al crecimiento orgánico, la generación de capital, inversiones en el banco y estrategias de optimización del balance, como la venta de préstamos de bajo rendimiento, el reembolso de financiamiento mayorista y la compra de valores de deuda de mayor rendimiento.
워싱턴 트러스트 뱅코프 (NASDAQ: WASH)는 규모가 확대된 공모주를 성공적으로 마감했으며, 주당 34.00달러에 1,911,764주를 판매했습니다. 이 오퍼링에는 매수자의 구매 옵션을 통해 286,764주의 추가 주식이 포함되어 총 2,198,528주에 달합니다. BofA 증권이 단독 북런닝 매니저로 활동했습니다.
회사는 인수 수수료 및 할인 후 약 7101만 달러의 수익을 받을 것으로 예상하고 있습니다. 자금은 유기적 성장 지원, 자본 생성, 은행 투자 및 낮은 수익률의 대출 매각, 도매 자금 상환 및 높은 수익률의 채무 증권 구매와 같은 대차대조표 최적화 전략을 포함한 일반적인 기업 목적을 위해 사용될 것입니다.
Washington Trust Bancorp (NASDAQ: WASH) a réussi à clôturer son offre publique d'actions élargie, vendant 1.911.764 actions à 34,00 $ par action. L'offre a inclus 286.764 actions supplémentaires par le biais de l'option d'achat des souscripteurs, portant le total à 2.198.528 actions. BofA Securities a agi en tant que seul responsable de la gestion du livre.
La société s'attend à recevoir environ 71,01 millions de dollars en produits après les remises et commissions de souscription. Les fonds seront utilisés pour des fins d'entreprise générales, y compris pour soutenir la croissance organique, la génération de capitaux, les investissements bancaires et les stratégies d'optimisation du bilan, telles que la vente de prêts à faible rendement, le remboursement des financements de gros et l'achat de titres de créance à rendement plus élevé.
Washington Trust Bancorp (NASDAQ: WASH) hat erfolgreich seine vergrößerte öffentliche Aktienemission abgeschlossen und 1.911.764 Aktien zu 34,00 $ pro Aktie verkauft. Die Emission umfasste 286.764 zusätzliche Aktien durch die Kaufoption der Underwriter, was die Gesamtzahl auf 2.198.528 Aktien erhöht. BofA Securities fungierte als alleiniger Buchführer.
Das Unternehmen rechnet damit, nach den Honoraren und Provisionen der Underwriter etwa 71,01 Millionen Dollar einzunehmen. Die Mittel werden für allgemeine Unternehmenszwecke verwendet, einschließlich der Unterstützung von organischem Wachstum, Kapitalgenerierung, Bankinvestitionen und Strategien zur Bilanzoptimierung, wie den Verkauf von niedrigverzinslichen Krediten, die Rückzahlung von Großfinanzierungen und den Kauf von höher verzinslichen Schuldverschreibungen.
- Successfully raised $71.01 million through stock offering
- Funds will support organic growth and capital generation
- Planning balance sheet optimization to improve yield
- Potential shareholder dilution from 2,198,528 new shares issued
Insights
The successful completion of WASH's upsized stock offering, raising approximately
The sale of 1,911,764 shares with additional 286,764 shares through the underwriters' option demonstrates strong institutional interest. The Bank's strategy to optimize its balance sheet by selling lower-yielding loans and securities while repaying wholesale funding could improve net interest margins and overall profitability. This capital raise provides flexibility for organic growth while maintaining strong regulatory capital ratios.
The upsized offering and full exercise of the underwriters' option signals robust market demand for WASH shares. With a market cap of
The expected proceeds to the Corporation, after deducting underwriting discounts and commissions but before deducting operating expenses payable by the Corporation, are approximately
SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that are "forward-looking statements." Forward looking-statements include all statements that are not historical facts and include any statements regarding the intended use of net proceeds from the offering. We may also make forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. A detailed discussion of factors that could affect our results is included in the Corporation's SEC filings, including Item 1A. "Risk Factors" of its Annual Report on Form 10-K for the year ended December 31, 2023. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements. The Corporation undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law.
ABOUT WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc., NASDAQ: WASH, is the publicly-owned holding company of The Washington Trust Company ("Washington Trust", "the Bank"), with
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SOURCE Washington Trust Bancorp, Inc.
FAQ
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