Western Alliance Bancorp. on Thursday priced its public offering of 7 million shares at $6.25 a share, an 8.5% discount to Wednesday's closing price.
The Las Vegas bank holding company said it is expecting to raise $43.8 million in capital through the offering. Its stock closed at $6.83 a share Wednesday.
A report by Sandler O'Neill & Partners LP said that about 6.1 million of the shares were sold to an institutional investor that has asked Western Alliance also to issue $50 million to $75 million of debt.
The $6 billion-asset company said it will use the equity proceeds for general corporate purposes, such as infusing capital into its seven subsidiaries.
