Veritex Holdings Inc. priced an underwritten public offering of 3,865,000 common shares at $22.50 per share, for gross proceeds of approximately $87.0 million.
The underwriters were granted a 30-day option to buy up to 579,750 additional common shares. The offering is expected to close on or about Dec. 20.
The Dallas-based company expects net proceeds of approximately $82.6 million, after deducting underwriting discounts. Veritex Holdings intends to use a portion of the net proceeds from the offering to fund the cash consideration portion of its proposed merger with Sovereign Bancshares Inc.
Stephens Inc. will serve as the sole book-running manager, with Sandler O'Neill & Partners LP serving as co-manager.