Banking, finance, and taxes

Northern Trust Raising Cash To Pay Off TARP (NTRS)

Northern Trust Corporation (NASDAQ: NTRS) is selling some $750 million worth of common stock in a public secondary offering.  Simultaneously, the bank intends to offer some $500 million in principal amount of senior notes.  Neither offering is contingent upon the other.

This offering is being jointly underwritten by Goldman Sachs and by Morgan Stanley.  UBS will act as a co-manager, and the underwriters will be given a 15% overallotment option for the stock offering.

You can imagine the use of funds.  It has been discussing repayment of TARP money with regulators and the company intends to use the proceeds for that purpose.

As of today’s close, Northern Trust has a $12.3 billion market cap and with a $55.01 closing price, its 52-week trading range is $33.88 to $88.92.

JON C. OGG

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.