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Banking, finance, and taxes

New Wave of Secondary Offerings (AWR, ENR, FIG, PL, SMTB, WAL)

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By Douglas A. McIntyre Updated Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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