Park National Corporation ends At-The-Market common stock offering

  • February 8, 2010
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Park National Corporation recently announced the closure of its At-The-Market common stock offering (ATM program). The ATM program, with Sandler O’Neill & Partners, L.P., as sales agent, was one of several successful capital-raising activities Park conducted in 2009. The ATM program generated $16.7 million in capital (net of expenses, fees, and commissions) through the sale of 288,272 common shares at an average price of $60.83. “We are happy with the success of the ATM program as part of a very strategic and disciplined approach to raising additional capital,” said Park chairman C. Daniel DeLawder. “We are particularly pleased we made these ATM sales without a discount to the market price.” Park’s board of directors authorized Park leaders to end the ATM program due to the success of its capital raising strategies in 2009, which generated an aggregate of approximately $89 million. The additional capital raised in 2009 is intended for general corporate purposes and to take advantage of strategic opportunities. General corporate purposes include acquisition opportunities, capital expenditures, investments in or loans to subsidiaries, payment or refinancing of debt, and partial or complete repayment of Park’s $100 million commitment in the U.S. Treasury’s TARP Capital Purchase Program.


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