MILWAUKEE, June 11 /PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation (NYSE: MI) (M&I) announced today the pricing of its public offering of 87,000,000 shares of its common stock at $5.75 per share. The proceeds to M&I after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $480 million. M&I has granted the underwriters an option to purchase up to an additional 13,000,000 shares of its common stock. The offering is expected to close on June 17, 2009. Morgan Stanley & Co. Incorporated and Barclays Capital Inc. are acting as joint book-runners for the offering.
M&I intends to use the net proceeds of this offering for general corporate purposes and may contribute some portion of the net proceeds to the capital of its subsidiaries, which will use these contributions for their general corporate purposes.
To the extent that M&I's Board of Directors determines at a future date that it is in the best interests of M&I and its shareholders to do so, M&I may elect to repurchase a portion of its Senior Preferred Stock, Series B issued to the United States Department of the Treasury as part of its Capital Purchase Program with all or a portion of the remaining net proceeds of this offering. Any such repurchase would be subject to consultation with and approval by M&I's banking regulators. In the event that M&I chooses to seek such approval, there can be no assurance that such approval would be granted.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering will be made pursuant to M&I's effective shelf registration statement filed with the Securities and Exchange Commission (SEC). Investors should read the preliminary prospectus supplement and the accompanying prospectus for more complete information about M&I and the offering. These documents can be obtained free of charge by visiting IDEA on the SEC's website at www.sec.gov. Alternatively, copies may be obtained from Morgan Stanley & Co.
