Banking, finance, and taxes
New Wave of Secondary Offerings (AWR, ENR, FIG, PL, SMTB, WAL)
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We are seeing yet another wave of secondary offerings that have priced between yesterday’s close and this morning. The offerings we have seen come to more than $1 billion and are from American States Water (NYSE: AWR), Energizer Holdings Inc. (NYSE: ENR), Fortress Investment Group LLC (NYSE: FIG), Protective Life Corp. (NYSE: PL), Smithtown Bancorp (NASDAQ: SMTB), and Western Alliance Bancorporation (NYSE: WAL).
We have broken these down by price and size, along with the difference of the pricing from yesterday’s close and from highs earlier this week.
American States Water (AWR) priced a 1 million share secondary at 31.00 per shares. It closed at $31.21 Thursday.
Energizer Holdings Inc. (ENR) priced its expected secondary offering of 9.5 million shares at $49.00 per share after closing at $49.69 yesterday and after being at $54.00 on Monday.
Fortress Investment Group LLC (FIG) raised $200 million after pricing a 40 million unit offering at $5.00 per unit. This was after a $5.26 close on Thursday and after units had hit $7.00 last week before financial offerings came fast down the pipe.
Protective Life Corp. (PL) priced a 13.5 million share secondary offering at $9.00 per share. That is after closing at $9.23 on Thursday.
Smithtown Bancorp (SMTB) priced a 2.8 million share secondary offering at $10.00 per share after closing at $11.24 on Thursday. SHares were $13.00 on Tuesday.
Western Alliance Bancorporation (WAL) priced a 29.2 million share secondary offering at $6.00 per share after closing at $6.26 yesterday and after closing at $8.73 monday.
JON C. OGG
May 15, 2009
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