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First Niagara prices stock sale at $12 a share

First Niagara Financial Group Inc. has priced its stock offering at $12 a share, and plans to sell 33.3 million shares of common stock to raise $400.1 million.

Net proceeds of the offering, after deducting underwriting discounts, commissions and estimated expenses, are expected to be $383.8 million, the Lockport-area financial institution announced late Thursday.

First Niagara has granted underwriters Keefe, Bruyette & Woods Inc. and Sandler O’Neill + Partners L.P. 30 days to purchase up to an additional 5 million shares to cover any over-allotments, the bank said.

The transaction is expected to close Tuesday.

Proceeds from the offering, announced Wednesday, will be used for general corporate purposes, bank officials said.

The bank’s shares (Nasdaq: FNFG) were trading at 3 p.m. Friday at $12 down 18 cents from Thursday’s close.

(c) 2009 Rochester Business Journal. Obtain permission to reprint this article.


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