FX.co ★ UMB Financial Prices 2.8 Mln Share Offering At $75/Share

UMB Financial Corp. (UMBF) disclosed its plan to offer 2,800,000 shares at $75.00 each on Monday. The move is projected to create net proceeds of around $201.6 million.

However, the corporation will not profit from share sales executed by forward sellers. UMB's aim is to use any net proceeds it gains from the physical settlement of the forward sale agreement, and potentially an additional forward sale agreement, for general corporate activities. These may comprise of injecting Tier 1 capital into UMB Bank among other possible uses.

Additionally, the underwriters possess the option to purchase up to 420,000 extra shares. The offering's closing is scheduled for May 1, 2024, provided standard conditions are satisfied.