Banking, finance, and taxes
Northern Trust Raising Cash To Pay Off TARP (NTRS)
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Northern Trust Corporation (NASDAQ: NTRS) is selling some $750 million worth of common stock in a public secondary offering. Simultaneously, the bank intends to offer some $500 million in principal amount of senior notes. Neither offering is contingent upon the other.
This offering is being jointly underwritten by Goldman Sachs and by Morgan Stanley. UBS will act as a co-manager, and the underwriters will be given a 15% overallotment option for the stock offering.
You can imagine the use of funds. It has been discussing repayment of TARP money with regulators and the company intends to use the proceeds for that purpose.
As of today’s close, Northern Trust has a $12.3 billion market cap and with a $55.01 closing price, its 52-week trading range is $33.88 to $88.92.
JON C. OGG
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