We have many key secondary offerings on deck today.  Brigham Exploration (NASDAQ: BEXP), Macerich Co. (NYSE: MAC), Marshall & Ilsley (NYSE: MI), Nara Bancorp (NASDAQ: NARA), and Whitney Holding (NASDAQ: WTNY) all priced secondary offerings.  Eurand NV (NASDAQ: EURX) is also on deck with a secondary offering, but no formal pricing has yet been seen.

Brigham Exploration Co. (NASDAQ: BEXP) priced a 16 million shares secondary offering (above the 14 million original amount) at $10.50 per share after closing at $10.68 yesterday.  Credit Suisse and Jefferies underwrote this one.

Macerich Co. (NYSE: MAC) priced a 12 million shares secondary offering at $29.00 per share through Deutsche Bank and J.P. Morgan.  This REIT closed at $29.81 yesterday and is actually trading above $30.00 on the pricing.

Marshall & Ilsley (NYSE: MI) looks like the largest secondary of the day at $782 million raised. The financial services company priced a 136 million share secondary offering at $5.75 per share after a $6.01 close.  Morgan Stanley and Bank of America Merrill Lynch were underwriters here.

Nara Bancorp (NASDAQ: NARA) sold 10 million shares of common stock at $7.50 per share in a deal sold through Keefe Bruyette & Woods.  Shares closed at $8.00 yesterday and are trading around $7.75.

Whitney Holding Corp. (NASDAQ: WTNY) priced a 25 million shares secondary offering at $8.00 per share after closing at $8.30 yesterday. There was a large sales group here from J.P. Morgan and SunTrust Robinson Humphrey as joint book-running managers; co-managers were listed as Keefe Bruyette & Woods and Sandler O’Neill.

Eurand NV (NASDAQ: EURX) is on deck for an 8.5 million shares secondary offering from Deutsche Bank and Bank of America Merrill Lynch, but no formal pricing has been seen.

JON C. OGG
OCTOBER 22, 2009

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