Secondary Offerings Come Back Fast (CEDC, HGG, EWBC, BMS, INTC, STSA, CVBF, RT)

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By Douglas A. McIntyre Updated Published
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Now that markets are back up, we are starting to see many syndicate offerings come in.  That is not a huge surprise, but the volume of companies is rather strong.  We have seen priced offerings from Central European Distribution Corp. (NASDAQ: CEDC), hhgregg, Inc. (NYSE: HGG), and from East West Bancorp (NASDAQ: EWBC).  We have also seen filings from Bemis Co., Inc. (NYSE: BMS), Intel Corp. (NASDAQ: INTC), Sterling Financial Corporation (NASDAQ: STSA), and CVB Financial Corp. (NASDAQ: CVBF).  Ruby Tuesday Inc. (NYSE: RT) is also on deck with a 10 million share offering taht may come this week.

Central European Distribution Corp. (NASDAQ: CEDC) had an 8.35 million share secondary priced at $24.00 after closing at $25.43.

hhgregg, Inc. (NYSE: HGG) had a 3.5 million share secondary priced at $16.50, after closing at $17.06 yesterday.

East West Bancorp (NASDAQ: EWBC) had a 11 million share Secondary price at $6.35 after closing at $6.72 yesterday.

Bemis Co., Inc. (NYSE: BMS) filed to sell 7.5 million shares.

Intel Corp. (NASDAQ: INTC) filed to sell $1.5 billion of 30-Year junior subordinated convertible debt.

Sterling Financial Corporation (NASDAQ: STSA) filed for a $500 million shelf registration, yet its market cap is only $167 million.

CVB Financial Corp. (NASDAQ: CVBF) filed to sell $135 million worth of common stock, and its market cap is $511 million.

Ruby Tuesday Inc. (NYSE: RT) is likely to sell 10 million shares that may come this week.

JON C. OGG
JULY 21, 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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