Old Second Bancorp (OSBC) in Aurora, Ill., has raised $59.4 million through a public offering.

The $2 billion-asset company said in a press release Tuesday that it sold 13.5 million shares of common stock at $4.40 each. Old Second also gave underwriters a 30-day option to buy an additional 2 million shares of common stock to cover any over-allotments.

The company originally planned to raise $70 million. Old Second lowered its projected proceeds last week.

Old Second plans to use proceeds from the offering to buy back a third of its Troubled Asset Relief Program shares and to pay $13.3 million in accrued interest on those shares. It also plans to pay $17 million in accrued interest on trust preferred securities, according to an April 3 regulatory filing.

Keefe, Bruyette & Woods was sole book-running manager in the offering. Sandler O'Neill and FIG Partners served as co-managers.

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