Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) today announced that it priced an offering of 90.0 million shares of its common stock at a price to the public of $3.60 per share, or $324.0 million in aggregate gross proceeds. Underwriters will have a 30-day option to purchase up to an additional 13.5 million shares of common stock from Huntington.
Goldman Sachs & Co. led the transaction with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Sandler O'Neill & Partners, L.P. as co-managers.
"We are very pleased with the pricing of this offering and look forward to the successful completion of this capital raise next week," said Stephen D. Steinour, chairman, president, and chief executive officer. "The higher than targeted level reflects well on the increasing investor confidence we sense in the marketplace regarding Huntington's future prospects. The depth of interest reflected both existing shareholders wanting to increase their ownership, as well as indications of interest by a number of high quality long-term oriented investors."
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