First Financial Bancorp (Nasdaq: FFBC - News) announced today that it has entered into an underwriting agreement for the sale of 12 million of its common shares at a price of $7.50 per share for gross proceeds of $90.0 million, exclusive of any underwriter over-allotment option. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $85.3 million.
First Financial has granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares to cover over-allotments, if any.
The company expects to close the transaction, subject to customary conditions, on or about June 8, 2009.
Sandler O'Neill + Partners, L.P. and Keefe, Bruyette & Woods, Inc. are acting as joint book-running managers, and Janney Montgomery Scott LLC and Raymond James & Associates, Inc. are co-managers for the offering.
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