The underwriters of Baton Rouge, La.-based Business First Bancshares Inc.'s upsized common stock offering purchased an additional 157,500 of company's common shares, exercising their overallotment option in full.
The offering closed June 7.
The company now expects net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, to be approximately $27.0 million.
Business First plans to use the net proceeds to fund the cash portion of the deal consideration of its planned merger with Rayville, La.-based Richland State Bancorp Inc., to boost its capital position and for general corporate purposes.
Stephens Inc. acted as the lead book-running manager for the offering. Raymond James & Associates Inc. served as lead manager, and Hovde Group LLC served as co-manager.
