Banking, finance, and taxes
Renasant Closes in on Secondary Offering
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Renasant Corp. (NASDAQ: RNST) shares retreated on Wednesday after the company reported that it had priced its secondary offering. The company is offering its 1.9 million shares at a price of $41.50, with an overallotment option for an additional 285,000 shares. At this price, the entire offering is valued up to $90.68 million. The transaction is expected to close on December 19.
The underwriters for the offering are Keefe Bruyette & Woods, Sandler O’Neil, Raymond James and Stephens.
This bank holding company is headquartered in Tupelo, Mississippi and operates more than 175 banking, mortgage, financial services and insurance offices located throughout north and central Mississippi, Tennessee, Georgia, north and central Alabama and north Florida. Renasant Bank was originally founded in 1904 as The Peoples Bank & Trust Company. In 1982, it was reorganized as a bank holding company. In 2005, the name was changed to Renasant.
Renasant operates through three reportable segments:
The company intends to use the net proceeds from the offering to repay indebtedness, as well as for working capital and general corporate purposes.
Shares of Renasant were trading down about 3.5% at $41.55 on Wednesday, with a consensus analyst price target of $38.81 and a 52-week trading range of $29.49 to $44.65.
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