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CapitalSource plans 30-million-share offering

By Associated Press
June 19, 2008 | Comments (0)

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CapitalSource Inc., which provides financing to small and medium-sized businesses, said Thursday it will sell about 30 million shares in a public offering.

"With the recent regulatory approval of CapitalSource Bank (in organization), we are well positioned to seize opportunities in the current favorable market conditions," said John K. Delaney, CapitalSource chairman and chief executive, in a statement.

The joint book-running managers for the offering are J.P. Morgan Securities Inc. and Wachovia Securities.

Based on the company's closing stock price Wednesday of $14.67, the offering is valued at $440.1 million. CapitalSource currently has about 236 million shares outstanding.

The company on Tuesday said it obtained regulatory approvals from the FDIC and California Department of Financial Institutions that were required to close the acquisition of more than $5 billion in deposits and 22 retail banking branches from Fremont Investment & Loan.

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