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MidSouth Bancorp offering $50M in common stock

Lafayette, La.-based MidSouth Bancorp Inc. is selling $50 million of its common stock in a public, firm-commitment underwritten offering.

The company plans to use $32 million of the net proceeds from the offering to redeem all of its series B preferred stock issued to the U.S. Treasury under the Small Business Lending Fund. This redemption is subject to regulatory approval.

MidSouth expects to use the remaining funds to enhance its capital structure and fund organic growth, among other purposes.

Sandler O'Neill & Partners LP is serving as the sole underwriter for the offering. MidSouth granted Sandler a 30-day option to buy up to an additional 15% of the shares sold in the offering.