BB&T (BBT) Prices 75M Shares at $20, 11% Discount
BBT Hot Sheet
Overall Analyst Rating:NEUTRAL (= Flat)
Dividend Yield: 2.6%
Revenue Growth %: +14.7%
BB&T Corporation (NYSE: BBT) priced a public offering of 75 million shares of common stock at a price to the public of $20 per share for total gross proceeds of $1.5 billion.
Shares of BBT closed at $22.50 yesterday, representing an 11% discount.
Following consultations with BB&T's regulators and subject to their final approval, BB&T intends to use the proceeds of this offering, in addition to other funds, to repay the preferred stock and associated warrants that it issued to the U.S. Department of the Treasury as part of its Capital Purchase Program.
Shares of BBT closed at $22.50 yesterday, representing an 11% discount.
Following consultations with BB&T's regulators and subject to their final approval, BB&T intends to use the proceeds of this offering, in addition to other funds, to repay the preferred stock and associated warrants that it issued to the U.S. Department of the Treasury as part of its Capital Purchase Program.
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