Financial Institutions (FISI) said Thursday it priced an underwritten public offering of 4 million shares at $25 per share, to raise about $95 million after underwriting expenses.
Underwriters have been granted a 30-day option to buy up to 600,000 additional shares, the company said
Proceeds will be used for general corporate purposes, including potential balance sheet restructuring through the repositioning of available-for-sale debt securities and debt repayment.
The offering is expected to close on Friday.
Shares of Financial Institutions were up 3.6% in recent trading.
Price: 27.99, Change: +0.97, Percent Change: +3.59
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.