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Colonial BancGroup nets $333 million in stock offering

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April 25, 2008

MONTGOMERY, Ala.—Colonial BancGroup Inc. said Friday it raised net proceeds of about $333 million in the public sale of stock.

The company offered 43.7 million shares for $8 apiece, including 5.7 million shares resulting from the exercise of the underwriters' overallotment option.

The company sold all the shares in the offer and plans to use proceeds for general corporate purposes, including investments in subsidiaries.

Lehman Brothers Inc. was the offering's sole book-running manager. Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey and Morgan Keegan & Co. co-managed the offering.

Colonial BancGroup operates 342 branches in Florida, Alabama, Georgia, Nevada and Texas with about $27 billion in assets.

Shares of the company rose 22 cents, or 2.7 percent, to $8.41 in afternoon trading. The stock has traded in a 52-week range of $7.92 to $25.50.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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