BNP Paribas has provided more details about its plans to reduce its stake in First Hawaiian in Honolulu.
The $19.7 billion-asset First Hawaiian said in a press release Monday that BNP Paribas will sell 25 million shares of its stock. The French company could sell an additional 3.75 million shares if there is enough demand.
Excluding the overallotment, BNP Paribas will reduce its holdings in First Hawaiian by 21.7%, to 90.2 million shares. Its stake after the sale should be 64.6%.
Goldman, Sachs, BofA Merrill Lynch, J.P. Morgan and BNP Paribas are the joint book-running managers and underwriters. Barclays, Citigroup, Credit Suisse and Deutsche Bank Securities are joint book-running managers and underwriters. Keefe, Bruyette & Woods is lead manager and underwriter.