Assuming an offering size of $70.0 million, we anticipate receiving approximately $66.2 million (or approximately $76.2 million if the underwriters exercise their over-allotment option in full) in net proceeds from the sale of our common stock in this offering after deducting the underwriting discount and estimated offering expenses payable by us. We intend to use the net proceeds from this offering for general corporate purposes, which may include funding a portion of the Merger Consideration in the Northwestern merger, funding the recapitalization of Northwestern Bank if we operate it as a separate bank for a period of time following the Northwestern merger and funding organic loan growth and long-term strategic opportunities which may arise in the future. At this time, we have not identified a specific use for the net proceeds. As a result, we will retain broad discretion over the use of the net proceeds from this offering.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. Chemical Financial Corporation next reports earnings on July 14, 2014.
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