By Devika Patel
Knoxville, Tenn., July 16 - Cascade Bancorp said it once again has extended the commitment period for a $65 million private placement of stock. The period was extended once before on June 2.
Under the Oct. 29 agreement, the company agreed to sell common shares at $0.87 per share to David F. Bolger for $25 million and to Lightyear Fund II, LP for $40 million.
The agreement's closing conditions must now be satisfied by July 30. The sales are conditioned upon the company's simultaneous sale of common shares in additional private placements for total net proceeds of at least $150 million.
The Bend, Ore., financial holding company plans to use the proceeds to repay its trust preferred securities, with the remainder providing capital for Bank of the Cascades.
| Issuer: | Cascade Bancorp
|
| Issue: | Common stock
|
| Amount: | $65 million
|
| Price: | $0.87
|
| Warrants: | No
|
| Investors: | David F. Bolger (for $25 million), Lightyear Fund II, LP (for $40 million)
|
| Pricing date: | Oct. 29
|
| Amended: | June 2, July 17
|
| Stock symbol: | Nasdaq: CACB
|
| Stock price: | $1.01 at close Oct. 29
|
| Market capitalization: | $11.83 million
|
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