Pacific Continental (PCBK) Ups Common Stock Offering to 4.8M at $8.75/share
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Pacific Continental Corporation (Nasdaq: PCBK) today announced that it increased the amount of common stock to be sold in its underwritten public offering to $42 million, and priced the offering at $8.75 per share, for a total of 4.8 million shares.
The net proceeds to the Company, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $39.7 million.
The Company intends to use the net proceeds from the offering for general corporate purposes including organic growth and opportunistic acquisitions. The Company expects to close the transaction, subject to customary conditions, on or about October 20, 2009.
D.A. Davidson & Co. is serving as lead book-running manager of the offering, and Howe Barnes Hoefer & Arnett is serving as co-manager. The Company has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of common stock to cover over-allotments, if any.
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