New York Community Bancorp, Inc. (NYCB) announced the pricing of follow-on offering of 40.625 million shares at $16.00 per share, and will receive net proceeds of approximately $630.5 million after deducting underwriting discounts and commissions.The offering is expected to close on November 4, 2015.
The company intends to use a substantial portion of the net proceeds from the offering to make a capital contribution to New York Community Bank and the remainder for general corporate purposes, including the payment of dividends.
The offering will raise an amount approximately equal to that of the after-tax prepayment charge the company expects to incur in the current fourth quarter related to the Company's previously announced balance sheet repositioning. The proceeds from the offering will qualify as tangible common equity and Tier 1 common equity.
Goldman, Sachs & Co., Credit Suisse, BofA Merrill Lynch, and Morgan Stanley are acting as book-running managers of the offering. American Capital Partners, LLC and Raymond James are acting as co-managers of the offering.
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