Cadence Bancorp. on May 21 filed an automatic shelf registration statement for the sale of an unspecified amount of securities that it may offer from time to time.
The securities include common and preferred stock, debt securities, depositary shares, purchase contracts, warrants, rights and units.
The company plans to use the net proceeds from sale of the securities to assist its organic growth and for general corporate purposes, which may include, but is not limited to, repayment of debt, maintenance of the company's required regulatory capital, and potential future acquisition opportunities that it believes may be complementary to the company's business and provide attractive risk-adjusted returns.
In a May 21 press release, Cadence Bancorp. announced the commencement of a registered public secondary offering of 15 million shares of class A common stock, or about 17.9% of Cadence Bancorp.'s outstanding class A common stock. All of the shares sold in the offering will be sold by Cadence Bancorp LLC.
The underwriters will have a 30-day option to purchase up to an additional 2.25 million shares of class A common stock from Cadence Bancorp LLC. Cadence Bancorp. is not selling any shares of class A common stock and will not receive any proceeds from the proposed offering. The proposed offering will not change the number of shares of class A common stock that are currently outstanding.
Upon completion of the offering, assuming that the underwriters' option to purchase additional shares is not exercised, Cadence Bancorp LLC will own about 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. Stephens Inc. is acting as co-manager.
