Cadence Bancorp. launched a registered public secondary offering of 15 million shares of class A common stock, representing approximately 17.9% of its outstanding class A common stock.
All the shares in the offering will be sold by Cadence Bancorp LLC. The underwriters will have a 30-day option to purchase up to an additional 2,250,000 shares.
Cadence Bancorp. is not selling any shares in the offering and will not receive any proceeds.
After the close of the offering, assuming that the underwriters do not exercise their option to purchase additional shares, Cadence Bancorp LLC will own approximately 47.7% of Cadence Bancorp.'s outstanding class A common stock.
Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, Keefe Bruyette & Woods, Sandler O'Neill & Partners LP, Barclays and RBC Capital Markets are acting as joint book-running managers for the offering. Stephens Inc. is acting as the co-manager.
