Banking & Finance

New Wave of Secondary Offerings (AWR, ENR, FIG, PL, SMTB, WAL)

We are seeing yet another wave of secondary offerings that have priced between yesterday’s close and this morning. The offerings we have seen come to more than $1 billion and are from American States Water (NYSE: AWR), Energizer Holdings Inc. (NYSE: ENR), Fortress Investment Group LLC (NYSE: FIG), Protective Life Corp. (NYSE: PL), Smithtown Bancorp (NASDAQ: SMTB), and Western Alliance Bancorporation (NYSE: WAL).

We have broken these down by price and size, along with the difference of the pricing from yesterday’s close and from highs earlier this week.

American States Water (AWR) priced a 1 million share secondary at 31.00 per shares.  It closed at $31.21 Thursday.

Energizer Holdings Inc. (ENR) priced its expected secondary offering of 9.5 million shares at $49.00 per share after closing at $49.69 yesterday and after being at $54.00 on Monday.

Fortress Investment Group LLC (FIG) raised $200 million after pricing a 40 million unit offering at $5.00 per unit.  This was after a $5.26 close on Thursday and after units had hit $7.00 last week before financial offerings came fast down the pipe.

Protective Life Corp. (PL) priced a 13.5 million share secondary offering at $9.00 per share.  That is after closing at $9.23 on Thursday.

Smithtown Bancorp (SMTB) priced a 2.8 million share secondary offering at $10.00 per share after closing at $11.24 on Thursday.  SHares were $13.00 on Tuesday.

Western Alliance Bancorporation (WAL) priced a 29.2 million share secondary offering at $6.00 per share after closing at $6.26 yesterday and after closing at $8.73 monday.

JON C. OGG

May 15, 2009