Horizon Bancorp, Inc. Public Offering Closes Successfully
Horizon Bancorp, Inc. (NASDAQ: HBNC), the parent company of Horizon Bank, recently announced the successful closing of its public offering of 7,138,050 shares of common stock. This offering included 931,050 shares that were sold under the underwriters' option to purchase additional shares and was conducted at a public price of $14.50 per share. The total gross proceeds from the offering reached approximately $103.5 million, which is set to benefit the company's financial strategy significantly.
Utilization of Proceeds
The net proceeds from this public offering will be allocated for general corporate purposes, particularly in the potential repositioning of the company’s balance sheet. Horizon Bancorp aims to fortify its resources and enhance its operational effectiveness to meet the needs of its clientele better.
Financial Background and Offering Details
Led by joint book-running managers Keefe, Bruyette & Woods, Inc., and Performance Trust Capital Partners, LLC, this offering was executed under a shelf registration statement on Form S-3, which had previously been approved by the Securities and Exchange Commission (SEC). A prospectus supplement has been filed with the SEC, encapsulating all relevant information to this offering.
About Horizon Bancorp, Inc.
Horizon Bancorp, Inc. (NASDAQ: HBNC) operates as a $7.7 billion-asset commercial bank holding company headquartered in Michigan City. The company provides a wide range of financial services through its extensive branch network, which includes locations in Indiana and Michigan, and through convenient digital platforms. Horizon's offerings encompass secured consumer lending, personal banking, and wealth management solutions tailored for both individual and business clients.
Banking Services and Market Position
Horizon Bank caters to diverse markets, emphasizing quality in its retail offerings and innovative business banking solutions. The company provides the regional market with comprehensive treasury management services and equipment financing, positioning itself as a versatile player in the financial sector. With commercial lending forming more than half of their total loans, Horizon displays a strong commitment to supporting local businesses and economic growth.
Contact Information
For inquiries regarding investor relations or additional information about Horizon Bancorp, interested parties may contact: John R. Stewart, CFA, EVP, Chief Financial Officer, at (219) 814-5833.
Frequently Asked Questions
What was the price per share in Horizon's recent offering?
The common stock was offered at a price of $14.50 per share.
How much capital did Horizon Bancorp raise from the offering?
The total gross proceeds from the offering were approximately $103.5 million.
Which financial institutions managed the offering?
Keefe, Bruyette & Woods, Inc. and Performance Trust Capital Partners, LLC acted as joint book-running managers for the offering.
What does Horizon Bancorp plan to use the offering proceeds for?
The proceeds are intended for general corporate purposes, including potential repositioning of the balance sheet.
Where is Horizon Bancorp headquartered?
Horizon Bancorp is headquartered in Michigan City, Indiana, and serves markets across the Midwest.
