Oct. 21, 2009 (PR Newswire) --
MILWAUKEE, Oct. 21 /PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation (NYSE: MI) (M&I) announced today the pricing of its public offering of 136 million shares of its common stock at $5.75 per share. The proceeds to M&I, after deducting underwriting discounts, commissions and offering expenses, will be approximately $750 million. M&I has granted the underwriters an option to purchase up to an additional 20,400,000 shares of its common stock. The offering is expected to close on Tuesday, October 27, 2009. Morgan Stanley and BofA Merrill Lynch 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. M&I may also use a portion of the net proceeds of this offering to repurchase portions of its outstanding indebtedness from time to time in the future, to the extent M&I determines that market conditions are favorable for doing so. In addition, 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, M&I may elect to repurchase a portion of its Senior Preferred Stock, Series B, which repurchase may be funded in whole or in part by the remaining net proceeds of this offering. Any repurchase of the Senior Preferred Stock would be subject to consultation with and approval by M&I's banking regulators. To the extent M&I seeks such approval, there can be no assurance that such approval will 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 EDGAR on the SEC's website at www.sec.gov. Alternatively, copies may be obtained from Morgan Stanley, 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department, Toll Free (866) 718-1649, or by e-mail at prospectus@morganstanley.com; or BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Preliminary Prospectus Department, or email Prospectus.Requests@ml.com.
