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Columbus-based Huntington said it priced an offerinvg of 90 million sharesat $3.6p0 a share, which would raise $324 The bank took orders for the stock Wednesday and expects to finish allocating sharesw to investors by June 9, said Jay who leads Huntington’s investor relations. Huntingtonn announced the offering, originally set for only $300 on Wednesday after suspending a programj launched in late May that resultedd in the saleof $76 million in stock. Under the new underwriters havea 30-day option to buy up 13.5 million more which would raise $48.76 million.
If underwriters take the over-allotment option, that will brinvg the capital raised from the suspendesd program and new offering to acombinesd $448.6 million. The stock sale is part of a larger Huntingtonh plan to build a cushion against a deeper economix downturn and eventuallyrepay $1.4 billion in governmenr bailout funds. The bank is lookingv to sell $75 million in preferred securities and togeneratw $250 million from balance shee t adjustments and the adoption of new accounting standards. Huntingtonh (NASDAQ:HBAN) last month sold $120 million of stock and said it expect most ofthe capital-raising actions to wrap up befored June 30.
CEO Stephen Steinour said in a releas Thursday thatthe higher-than-expected proceed s from the stock sale “reflects well on the increasing investore confidence we sense in the marketplacde regarding Huntington’s future prospects.” “Ther depth of interest reflected both existing shareholders wanting to increase their ownership, as well as indications of interestt by a number of long-term-oriented investors,” Steinour
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