Independent Bank Prices Public Offering Of 11.50 Mln Shares At $7.75/shr

(RTTNews) - Independent Bank Corp. (IBCP) Friday announced that it has priced an underwritten public offering of 11.50 million shares of its common stock at a price of $7.75 per share.

The company stated that it has granted the underwriters a 30-day option to purchase up to an additional 1.72 million shares of common stock sold pursuant to this transaction to cover over-allotments, if any.

The company noted that it intends to use the net proceeds from this offering to redeem all of the shares of its Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series B and related Warrant, both issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program, for an aggregate payment of $81 million pursuant to the terms and conditions of the previously announced Securities Purchase Agreement, dated July 26, 2013, between the company and the U.S. Department of the Treasury.

The company added that it intends to use any remaining net proceeds for general corporate purposes.

The offering of common stock may be made only by means of a prospectus. Keefe, Bruyette & Woods, a Stifel company, is the sole book-running manager in the offering. Sandler O'Neill + Partners, L.P. and Boenning & Scattergood, Inc. are acting as co-managers for the offering.