Stock Offerings: Bank Of New York

NEW YORK (TheStreet) -- Bank of New York Mellon (BK) shares were losing ground Friday after the bank announced plans to offer $700 million worth of common stock to help fund its purchase of PNC Financial's (PNC) investment services division.

Bank of New York said as part of the $700 million public offering, it will enter into a forward sale agreement with Goldman Sachs. The bank will not receive any proceeds from the offering until settlement of the forward sale agreement, which is expected to occur within five months from the date of the offering.

Bank of New York said it intends to use any proceeds upon settlement of the forward sale agreement to consummate its acquisition of PNC's Global Investment Servicing business or for general corporate purposes. In February, Bank of New York said it would buy the business from PNC for $2.3 billion.

Following the offering announcement, Bank of New York Mellon shares were down 84 cents, or 3.1%, to $26.44.

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Elsewhere, First Place Financial (FPFC) said it intends to launch a public offering of approximately $80 million of common stock. The number of shares to be offered and the price range for the offering have not yet been determined, First Place Financial said.

Proceeds from the offering will be used for general corporate purposes which may include organic growth and acquisition opportunities, including possible participation in Federal Deposit Insurance Corp. assisted transactions, First Place Financial said. Shares were lately down % to $4.54.

Bottomline Technologies (EPAY) shares dropped 10.8% to $14.62 after the electronic payment company priced an offering of 4.2 million shares of common stock at $14.50 per share. Underwriters were given a 30-day option to acquire an additional 630,000 shares to cover over-allotments, if any.

Bottomline said it expects to receive net proceeds of approximately $57.6 million, assuming no exercise of the overallotment option, which the company said will be used for general corporate purposes. That may include the acquisition of companies or businesses, repayment and refinancing of debt, working capital and capital expenditures, the company said.

Nu Skin (NUS) said a secondary public offering of 4.46 million shares has been priced at $27 per share. Nu Skin said the shares are being sold by three of the company's founders and a shareholder who received shares donated by two of the three founders. Nu Skin said it will not receive any proceeds from the proposed offering.