First Hawaiian Inc. said a BNP Paribas SA affiliate intends to sell 20 million common shares of First Hawaiian in an underwritten public offering, a move that will reduce BNP Paribas' stake in First Hawaiian from about 33.3% to approximately 18.4%.
In addition, the selling stockholder plans to grant the underwriters a 30-day option to buy up to an additional 3 million First Hawaiian common shares.
Provided that the underwriters' option to purchase additional shares is exercised in full, BNP Paribas' stake will be reduced to about 16.2%. First Hawaiian will not take part in the offering nor will it receive proceeds from it.
The proposed offering will not change the number of First Hawaiian's current outstanding shares.
J.P. Morgan, Barclays, BofA Merrill Lynch and Citigroup are acting as underwriters for the proposed offering.