WYOMISSING, Pa., July 25, 2013 /PRNewswire/ -- Customers Bancorp, Inc. (Nasdaq: CUBI) ("Customers"), the holding company of Customers Bank, today announced that it has priced its previously announced underwritten public offering of its 6.375% non-callable five-year senior notes, with interest payable quarterly. Janney Montgomery Scott LLC and Boenning & Scattergood, Inc. are acting as joint book-running managers for the offering, and MLV & Co. LLC is acting as co-manager. The $55 million offering represents an increase of $30 million from the planned $25 million offering previously announced by Customers. Customers has granted the underwriters a 30-day option to purchase up to an additional $8,250,000 in aggregate principal amount of the senior notes sold in the offering, to cover over-allotments, if any.
Net proceeds from the sale of the notes after underwriting discounts and estimated offering expenses are expected to be approximately $52,634,000, or approximately $60,564,000 if the underwriters exercise their overallotment option in full. Customers intends to use the net proceeds of the offering to invest in Customers Bank, fund organic growth and for working capital and other general corporate purposes. Customers may also use a portion of the net proceeds to pursue acquisitions in its current and prospective markets. The offering is expected to close on July 30, 2013, subject to customary closing conditions.
A shelf registration statement relating to the public offering of the notes was filed previously by Customers with the Securities and Exchange Commission ("SEC") and is effective. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website located at www.sec.gov and a final prospectus supplement will be filed with the SEC and will be available on the SEC's website once filed. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, from Janney Montgomery Scott LLC, Attention: Fixed Income Capital Markets, 1717 Arch Street, Philadelphia, PA 19103 or by emailing firstname.lastname@example.org; Boenning & Scattergood, Inc., Attention: Fixed Income Capital Markets, 4 Tower Bridge, 200 Barr Harbor Drive, West Conshohocken, PA 19428, (800) 883-1212 or by emailing email@example.com; or MLV & Co. LLC, Attention: Capital Markets, 1251 Avenue of the Americas, 41st Floor, New York, NY 10020, (212) 542-5880 or by emailing firstname.lastname@example.org.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Customers, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.