HCA Holdings announced that Bain Capital and Kohlberg Kravis Roberts & Co. are leading an offering of 15 million shares of the company's common stock for public sale pursuant to a shelf registration. Separately, the company also will buy back $750 million worth of shares from the investment firms.
No shares are being sold by management or the company. The offering is expected to close on May 23, 2014, subject to customary closing conditions. Conditional upon and concurrent with the closing of the offering, the company has agreed to repurchase approximately $750 million of additional shares of its common stock from the selling stockholders at the net offering price. Citigroup will act as the underwriter for the offering.
Read more here.
Shares of HCA (Ticker: HCA) were up to $51.72 on Tuesday afternoon.
Still holding shares of Tennessee Commerce Bancorp? Good luck getting rid of them now.
Officials at the Securities and Exchange Commission late last week took what looks like the final step in the closing of their books on the Franklin-based bank, which failed in January of 2012. Citing Section 12(j) of the Securities Exchange Act, they revoked the registration of each class of Tennessee Commerce stock, which last traded over the counter in late March for $0.0001.
Randall Clemons, the CEO of Wilson Bank & Trust since 1987 and its chairman since 2002, has told his team he plans to retire from his posts in 2019, when he will be 66. Executive Vice President John McDearman has been tapped to take over at the $1.7 billion bank holding company. The Wilson Post has some more details.
Pinnacle Financial Partners has recruited a senior vice president and office leader for one of its two Lebanon offices. Vanessa Spickard has joined downtown-based Pinnacle with 12 years of industry experience and after working as branch manager of SunTrust Bank’s Mt. Juliet office. She has taken over the leadership of Pinnacle's West Baddour office from Carol Ann Griffin, who is returning to her financial advisor role full-time after seven years.
“Vanessa’s experience and local involvement will be great assets as she demonstrates our commitment to clients and the community,” said Lee Campbell, Pinnacle’s area manager for Wilson County. “We’re delighted to have her on board.”
Pinnacle runs four offices in Wilson County and has a 13 percent deposit market share.