More Stock on Block: Underwriters of a...
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More Stock on Block: Underwriters of a recent stock offering by Westcorp Inc. will sell an additional 555,000 company shares Tuesday, increasing Westcorp’s net proceeds to an estimated $35.6 million, the company said Wednesday.
The Irvine-based financial services holding company sold 3.7 million shares of common stock priced at $8.62 per share on June 16, raising about $31.9 million.
The additional Westcorp shares are expected to be priced at $8.62 per share and will be sold by underwriters Montgomery Securities and Donaldson, Lufkin & Jenrette, the company said. The proceeds are expected to be used for additional capital and for general corporate purposes.
The company’s stock closed Wednesday on the New York Stock Exchange at $9.25 per share, down 25 cents a share.
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