First Hawaiian Inc. priced a secondary offering of 20 million common shares for total gross proceeds, before estimated expenses, of approximately $577 million.
The shares are being offered by an affiliate of BNP Paribas SA.
The selling stockholder also granted the underwriters a 30-day option to buy up to an additional 3 million First Hawaiian common shares.
Completion of the offering will reduce BNP Paribas' beneficial ownership stake in First Hawaiian to approximately 18.4% from approximately 33.3%. If the underwriters' option is exercised in full, BNP Paribas' stake would be reduced to approximately 16.2%.
The Honolulu-based company will not receive any proceeds in connection with the offering, which is expected to close Sept. 10.
J.P. Morgan, Barclays, Bank of America Merrill Lynch and Citigroup are acting as underwriters for the offering.