First Niagara (FNFG) Prices $350M Preferred Offering

First Niagara Financial Group, Inc. (Nasdaq: FNFG) has priced an underwritten public offering of 14 million shares of its fixed-to-floating rate perpetual non-cumulative preferred stock, Series B, at a price to the public of $25.00 per share plus accrued dividends from December 14, 2011. Goldman, Sachs & Co. served as the global coordinator for the offering, Merrill Lynch, Pierce, Fenner & Smith Incorporated served as the physical bookrunner for the offering, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC served as joint book-running managers for the offering, Citigroup Global Markets Inc. served as the joint lead manager, Sandler O'Neill + Partners, L.P. served as the co-manager for the offering.

The offering of preferred stock is expected to close on December 14, 2011. The preferred stock has a liquidation preference of $25 per share. Dividends on the preferred stock will accrue at a rate of 8.625% from the date of issuance up to (but excluding) February 15, 2017, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 7.327% per annum.

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