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VOL. 127 | NO. 31 | Wednesday, February 15, 2012

Pricing Announced for Raymond James Stock Offering

By Andy Meek

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Raymond James Financial Inc., the soon-to-be new parent of Memphis-based Morgan Keegan & Co. Inc., has announced the pricing of its public offering of 10.5 million shares of common stock at $34 per share.

Net proceeds of the public offering will be used to pay part of the purchase price of Raymond James’ acquisition of Morgan Keegan, which was announced last month. In a regulatory filing Tuesday, the Florida-based company said it expects the deal to close on or around April 2.

The remaining portion of the deal’s purchase price will be paid for using cash on hand and the proceeds of a contemplated public debt offering and/or borrowings under a bridge financing facility.

J.P. Morgan Securities LLC, Citigroup and Raymond James & Associates, Inc. will act as joint-book running managers for the offering. BB&T Capital Markets and BNY Mellon Capital Markets, LLC will act as co-managers.

Raymond James announced last month it’s buying the Memphis financial firm for $930 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 62 340 3,755
MORTGAGES 104 472 5,266
FORECLOSURE NOTICES 23 129 1,200
BUILDING PERMITS 0 574 9,139
BANKRUPTCIES 69 314 3,656
BUSINESS LICENSES 34 137 1,554
UTILITY CONNECTIONS 74 1,028 4,943
MARRIAGE LICENSES 20 114 1,024

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