BB&T, a North Carolina-based financial services firm, has commenced a public offering of $750 million of its common stock for sale to the public. The bank has said that the underwriters in the offering will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from the company to cover over-allotments, if any.
Reportedly, the proceeds from the sale of the offering will qualify as tangible common equity and Tier 1 regulatory capital. BB&T intends to use the proceeds of this offering for general corporate purposes.
The bank has added that Credit Suisse (USA) Securities and Deutsche Bank Securities will act as joint book running managers for the offering, which will be co-managed by BB&T Capital Markets.
