Cadence Bancorp. has upsized and priced its previously announced registered public secondary offering.
Cadence Bancorp LLC will sell 18 million shares, or approximately 21.5%, of Cadence Bancorp.'s outstanding class A common stock, at a public offering price of $28.00 per share and a total offering size of $504 million.
The offering, expected to close on or about May 25, was upsized from the 15 million shares announced earlier.
The underwriters have a 30-day option to purchase up to an additional 2.7 million shares from Cadence Bancorp. LLC.
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 for the offering. Stephens Inc. is acting as the co-manager.
