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Central Pacific Financial (CPF) Reports 7.6M Share Secondary Offering, $75M Buyback

March 26, 2015 5:37 PM EDT

Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the "Bank"), announced today that funds affiliated with ACMO-CF, L.L.C. and Carlyle Financial Services Harbor, L.P. intend to offer for sale an aggregate of 7,605,388 shares of the Company's common stock in an underwritten secondary offering pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission (the "SEC"). The selling shareholders will receive all of the proceeds from this offering. No shares of common stock are being sold by the Company.

Citigroup is acting as sole underwriter for the common stock offering.

Additionally, the Company announced that its Board of Directors has authorized an additional $75 million to its common stock repurchase program under which shares may be repurchased from time to time in open market or privately negotiated transactions, subject to market conditions and other factors.

In connection with the common stock repurchase program, the Company will purchase approximately 3,200,000 shares of its common stock in the offering at a price per share equal to the price per share being paid by the underwriter to the selling shareholders in the offering.

A shelf registration statement, including a prospectus, with respect to the offering was previously filed by the Company with the SEC and became effective on March 9, 2012. A preliminary prospectus relating to the offering has been filed with the SEC. The offering will be made only by means of a prospectus supplement and the accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus relating to these securities may be obtained when available without charge from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146.



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