First Hawaiian Announces Common Stock Offering
First Hawaiian Inc. (NASDAQ:FHB) has announced that its majority stockholder, an affiliate of BNP Paribas (First Hawaiian’s parent company), intends to offer 25,000,000 shares of its common stock in an underwritten public offering.
In addition, BNP Paribas intends to grant the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of First Hawaiian’s common stock at the public offering price, less underwriting discounts and commissions.
First Hawaiian will not be issuing any shares in connection with the offering and will not receive any proceeds from the offering.
The pricing and completion of the offering remain subject to a range of conditions. In the event the offering is fully subscribed and the underwriters’ option to purchase additional shares is not exercised, the completion of the offering will reduce BNP Paribas’ ownership stake in First Hawaiian’s common stock from 115,209,620 shares, or 82.6%, to 90,209,620 shares, or 64.6%. If the underwriters’ option is exercised in full, BNP Paribas’ remaining stake would be 86,459,620 shares, or 62.0%.
Goldman, Sachs & Co., BofA Merrill Lynch, J.P. Morgan and BNP Paribas are acting as joint book-running managers and underwriters for the proposed offering. Barclays, Citigroup, Credit Suisse and Deutsche Bank Securities are also acting as joint book-running managers and underwriters for the proposed offering. Keefe, Bruyette & Woods is acting as lead manager and underwriter for the proposed offering.
The offering will only be made by means of a prospectus. When available, copies of the preliminary prospectus related to the offering may be obtained from: Goldman, Sachs & Co., Attention: Prospectus Department, 200 West St., New York, NY 10282, by phone at (866) 471-2526 or by email at [email protected]; BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200 North College St., 3rd Floor, Charlotte, NC 282001, by email at [email protected]; J.P. Morgan, Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, or by calling 866-803-9204; and BNP Paribas, by phone at (888) 860-5378.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.
This announcement does 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.