Financial stocks were lower Thursday afternoon with the NYSE
Financial Sector Index sinking about 0.2% and the S&P Financial
100 Index down about 0.3%.
In company news, Chemical Financial Corp. (
) shares slid Thursday after the bank and financial services
company today priced an $70 million offering of approximately 2.5
million shares priced at $28 apiece, a nearly 6% discount to its
Wednesday closing price.
The company also issued 30-day options to underwriters to buy up
to 375,000 additional shares to cover possible overallotments.
CHFC plans to use net proceeds from the offering, after first
paying underwriter discounts and other offering costs, on general
corporate purposes, including funding a portion of its upcoming
acquisition of Northwestern Bancorp (
) or other long-term strategic opportunities in the future.
Shares recently were off about 5.1% at $28.26 each, just a penny
above its session low and keeping a 16 cent bulge over its 52-week
In other sector news,
(+) NGHC, (+3.1%) Prices $55 mln underwritten public offering of
2.2 million shares of Series A 7.50% non-cumulative preferred stock
with a liquidation preference of $25.00 per share.
(-) OAKS, (-5.1%) Prices $38.25 mln public offering of 3.5 mln
shares of common stock at around $10.92 each, an 8.1% discount to
Wednesday's closing price.
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