Company also heralds $5 million rights offering at $1.00 per share
By Devika Patel
Knoxville, Tenn., April 7 - Intermountain Community Bancorp negotiated a $70 million private placement of stock on April 6, according to an 8-K filed Thursday with the Securities and Exchange Commission. The lead investors are Castle Creek Capital Fund IV and affiliates of Stadium Capital Management, LLC.
The company will sell 70 million common shares at $1.00 per share. The price per share is a 28.57% discount to the April 5 closing share price of $1.40.
Investors also will receive warrants for 1 million common shares, which are each exercisable at $1.25 for three years. The strike price is a 10.71% discount to the April 5 closing price.
The company also plans a $5 million rights offering at the same price per share.
The bank holding company is based in Sandpoint, Idaho.
| Issuer: | Intermountain Community Bancorp
|
| Issue: | Common stock
|
| Amount: | $70 million
|
| Shares: | 70 million
|
| Price: | $1.00
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.25
|
| Investors: | Castle Creek Capital Fund IV and affiliates of Stadium Capital Management, LLC (leads)
|
| Pricing date: | April 6
|
| Stock symbol: | OTCBB: IMCB
|
| Stock price: | $1.30 at close April 6
|
| Market capitalization: | $10.51 million
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