Sterling Bancorp (STL) Prices 3.8M Share Common Stock Offering

November 17, 2016 6:09 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

Sterling Bancorp (NYSE: STL) announced that it has priced its previously announced underwritten public offering of 3.8 million shares of the Company's common stock. Sterling has granted the underwriters a 30-day option to purchase up to an additional 570,000 shares of common stock.

Gross proceeds to Sterling from this offering are expected to be approximately $80.8 million. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.

The offering is expected to close on November 22, 2016, subject to customary closing conditions.

Credit Suisse and UBS Investment Bank are joint book-running managers for the offering and may offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from the offices of Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037 or email at or UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attn: Prospectus Department, telephone (888) 827-7275.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Equity Offerings

Related Entities

Credit Suisse, UBS

Add Your Comment