2020-05-04 08:10:59 OCFC OceanFirst Financial
05/04/20 05/0408:10 05/04/2008:10 | OceanFirst Financial announces pricing of depositary shares offeringOceanFirst Financial announced that it has priced a public offering of 2,200,000 depositary shares with a liquidation preference of $25.00 per share, for gross proceeds of $55,000,000 before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/40th interest in a share of the Company's 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 330,000 Depositary Shares. The offering is subject to customary closing conditions and is expected to close on or about May 7, 2020. On May 1, 2020, the company also completed an offering of $125.0 million of its 5.25% fixed-to-floating rate subordinated notes due 2030. The company intends to use the net proceeds from this offering and the Notes Offering for general corporate purposes, which may include providing capital to support its organic growth or growth through strategic acquisitions, repaying indebtedness, financing investments, capital expenditures, repurchasing shares of its common stock and for investments in the Bank as regulatory capital. Piper Sandler & Co. and Raymond James & Associates, Inc. are acting as joint book-running managers for the offering. |
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