Net.Bank Plans to raise $167.7 Million (Check out the offering price)
ATLANTA -- Net.Bank Inc., an Internet bank, said it intends to sell three million common shares, adjusted for a pending 3-for-1 stock split, raising a total of about $167.7 million after expenses.
In a Securities and Exchange Commission filing, Net.Bank said the majority of the proceeds of the stock offering, which assumes a split-adjusted offering price of $59 a share, or $177 on a nonadjusted basis, would be used for loans and to purchase investment securities.
Returns from those assets and other offering proceeds would be used for general purposes, including boosting the company's marketing budget during the next year, Net.Bank said. The bank said it also plans to issue $100 million of convertible subordinated notes that mature in 2004.
Underwriters for the offerings are Bear, Stearns & Co., BancBoston Robertson Stephens Inc., Raymond James & Associates Inc. and London-based Kelton International Ltd.
Net.Bank stock fell $5.50 to $165 in Nasdaq Stock Market trading Friday. The company, started almost three years ago, went public in July 1997 at $12 a share.
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