Wintrust Financial Corp. in Lake Forest, Ill., on Thursday announced pricing for a common stock offering expected to raise at least $183 million of fresh capital.
The $12.2 billion-asset company said it will sell 5.8 million shares at $33.25 per share, a 2% discount to its closing stock price Wednesday. Wintrust announced the offering after the market closed Wednesday.
If exercised, Wintrust's overallotments could swell the capital-raising effort by an additional $29 million.
Wintrust said in a filing with the Securities and Exchange Commission that the proceeds could be used to repay debt or to make acquisitions.
In a Wednesday research note, Stephen Geyen, an analyst at Stifel, Nicolaus & Co. Inc., said this effort could boost Wintrust's tangible common equity ratio from 4.8% at the end of the fourth quarter, to above 6%.