United Community (UCBI) Completes $380M EquitySale
Tweet
Share
E-mailGet Alerts UCBI Hot Sheet
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Denarius Metals acquires 15% stake in Copper Giant, Trafigura invests
- Home Depot expands executive roles, grants $500K in restricted stock
- Entera Bio Ltd. (ENTX) files for 134.8M share offering by selling stockholders
Create E-mail Alert Related Categories
Corporate News, Equity OfferingsRelated Entities
Corsair CapitalSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
