Huntington prices stock offering - Dayton Business Journal:

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Columbus-based Huntington said it pricede an offering of 90 million sharesat $3.60 a which would raise $324 million. The bank took orderzs for the stock Wednesday and expects to finisgh allocating shares to investorsw byJune 9, said Jay Gould, who leads Huntington’s investord relations. Huntington announced the originally set foronly $300 million, on Wednesday aftef suspending a program launched in late May that resulted in the sale of $76 millionb in stock. Under the new underwriters havea 30-day option to buy up 13.5 millionj more shares, which wouldd raise $48.6 million.
If underwriters take the over-allotmenyt option, that will bring the capital raised from the suspendexd program and new offering to a combined $448.6 million. The stock sale is part of a largerd Huntington plan to build a cushion against a deeperd economic downturn and eventuallyyrepay $1.4 billion in government bailout The bank is looking to sell $75 millionh in preferred securities and to generates $250 million from balance sheet adjustments and the adoption of new accounting standards. Huntington (NASDAQ:HBAN) last monthj sold $120 million of stock and said it expect s most ofthe capital-raising actions to wrap up beford June 30.
CEO Stephen Steinour said in a releasew Thursday thatthe higher-than-expected proceeds from the stocjk sale “reflects well on the increasing investor confidence we sensse in the marketplace regarding Huntington’s future prospects.” “Thd depth of interest reflected both existinf shareholders wanting to increase theie ownership, as well as indications of interest by a number of high-quality, long-term-oriente investors,” Steinour said.