First Hawaiian, Inc. Announces Pricing of Secondary Common Stock Offering
September 05 2018 - 11:30PM
First Hawaiian, Inc. (NASDAQ: FHB) (the “Company”) announced the
pricing of a secondary offering of 20 million shares of its common
stock for total gross proceeds (before estimated expenses) of
approximately $577 million. The shares have been offered by an
affiliate of BNP Paribas. The selling stockholder has also granted
the underwriters a 30-day option to purchase up to an additional 3
million shares of the Company’s common stock. The Company will not
receive any of the proceeds from the sale of the shares by the
selling stockholder. The offering is expected to close on
September 10, 2018, subject to customary closing conditions.
The underwriters for the offering intend to
offer the shares for sale from time to time in one or more
transactions on NASDAQ, in the over-the-counter market, through
negotiated transactions or otherwise at market prices prevailing at
the time of sale, at prices related to prevailing market prices or
at negotiated prices.
Completion of the public offering will reduce
BNP Paribas’ beneficial ownership stake in the Company from
approximately 33.3% to approximately 18.4% (or approximately 16.2%,
if the underwriters’ option to purchase additional shares of the
Company’s common stock is exercised in full).
J.P. Morgan, Barclays, BofA Merrill Lynch and
Citigroup are acting as underwriters for the offering.
The offering has been made only by means of a
prospectus supplement and the accompanying prospectus. Copies of
the final prospectus and the accompanying prospectus relating to
this offering, when available, may be obtained from: J.P. Morgan,
Attn: Prospectus Department, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866)
803‐9204; Barclays, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847,
e-mail: Barclaysprospectus@broadridge.com; BofA Merrill Lynch,
Attn: Prospectus Department, NC1-004-03-43, 200 North College
Street, 3rd floor, Charlotte, NC 28255-0001, e-mail:
dg.prospectus_requests@baml.com; and Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: (800) 831-9146.
The Company has filed a registration statement
(including a prospectus) with the Securities and Exchange
Commission (“SEC”) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that
registration statement and other documents the issuer has filed
with the SEC for more complete information about the issuer and
this offering. Copies of the registration statement can be accessed
through the SEC’s website at www.sec.gov. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
First Hawaiian, Inc.
First Hawaiian, Inc. (NASDAQ: FHB) is a bank
holding company headquartered in Honolulu, Hawaii. Its
principal subsidiary, First Hawaiian Bank, founded in 1858 under
the name Bishop & Company, is Hawaii’s oldest and largest
financial institution with branch locations throughout Hawaii, Guam
and Saipan. The company offers a comprehensive suite of banking
services to consumer and commercial customers including deposit
products, loans, wealth management, insurance, trust, retirement
planning, credit card and merchant processing services.
Customers may also access their accounts through ATMs, online and
mobile banking channels.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect
our current views with respect to, among other things, future
events and our financial performance. These statements are often,
but not always, made through the use of words or phrases such as
“may”, “might”, “should”, “could”, “predict”, “potential”,
“believe”, “expect”, “continue”, “will”, “anticipate”, “seek”,
“estimate”, “intend”, “plan”, “projection”, “would”, “annualized”
and “outlook”, or the negative version of those words or other
comparable words or phrases of a future or forward-looking nature.
These forward-looking statements are not historical facts, and are
based on current expectations, estimates and projections about our
industry, management’s beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, we caution you that
any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions, estimates and
uncertainties that are difficult to predict. Although we believe
that the expectations reflected in these forward-looking statements
are reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. For a discussion of some of the risks
and important factors that could affect our future results and
financial condition, see our SEC filings, including, but not
limited to, the prospectus described in this press release.
Investor
Relations Contact: |
Media
Contact: |
Kevin Haseyama,
CFA |
Chris Dods |
(808) 525‑6268 |
(808) 525-8880 |
khaseyama@fhb.com |
cdods@fhb.com |
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