* Offering more than a quarter of current market cap
* Robert W Baird to act as sole book-running manager
* Shares down 7 percent after the bell
March 17 (Reuters) - Sandy Spring Bancorp said it would publicly offer $83 million of its common stock, more than a quarter of its current market capitalization, sending its shares down 7 percent after the bell.
The holding company for Sandy Spring Bank said it would use the proceeds for purposes which may include boosting capital levels at the bank, paying down debt, or repaying bailout funds.
Robert W Baird & Co will act as the sole book-running manager and Janney Montgomery Scott LLC will act as co-manager, the company said.
The company said it plans to grant underwriters an option to purchase up to an additional 15 percent of the amount sold to cover any over-allotments.
Shares of the Olney, Maryland-based company were down 7 percent at $13.87 in after-market trade. They closed at $14.91 Wednesday on Nasdaq.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: SANDYSPRING/ (jochelle.mendonca@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: jochelle.mendonca.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Robert W Baird to act as sole book-running manager
* Shares down 7 percent after the bell
March 17 (Reuters) - Sandy Spring Bancorp said it would publicly offer $83 million of its common stock, more than a quarter of its current market capitalization, sending its shares down 7 percent after the bell.
The holding company for Sandy Spring Bank said it would use the proceeds for purposes which may include boosting capital levels at the bank, paying down debt, or repaying bailout funds.
Robert W Baird & Co will act as the sole book-running manager and Janney Montgomery Scott LLC will act as co-manager, the company said.
The company said it plans to grant underwriters an option to purchase up to an additional 15 percent of the amount sold to cover any over-allotments.
Shares of the Olney, Maryland-based company were down 7 percent at $13.87 in after-market trade. They closed at $14.91 Wednesday on Nasdaq.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: SANDYSPRING/ (jochelle.mendonca@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: jochelle.mendonca.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.