United Community (UCBI) Completes $380M EquitySale
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United Community Banks, Inc. (Nasdaq: UCBI) has completed a $380 million capital raise.
n addition, the board of directors has approved the company's previously announced plans to sell approximately $293 million in substandard and nonperforming loans, and to accelerate the disposition of approximately $142 million in foreclosed properties.
The capital issuance was achieved through the sale of a combination of United's common stock and mandatorily convertible preferred stock to a group of institutional investors led by an affiliate of Corsair Capital, LLC. Under terms of the Private Placement, shares of common stock were sold at a price of $1.90 per share. The preferred stock will be convertible into common stock at a conversion price of $1.90 per share, and such conversion will be mandatory immediately following receipt of required shareholder approvals.
n addition, the board of directors has approved the company's previously announced plans to sell approximately $293 million in substandard and nonperforming loans, and to accelerate the disposition of approximately $142 million in foreclosed properties.
The capital issuance was achieved through the sale of a combination of United's common stock and mandatorily convertible preferred stock to a group of institutional investors led by an affiliate of Corsair Capital, LLC. Under terms of the Private Placement, shares of common stock were sold at a price of $1.90 per share. The preferred stock will be convertible into common stock at a conversion price of $1.90 per share, and such conversion will be mandatory immediately following receipt of required shareholder approvals.
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