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BB&T prices common stock offering at $26 per share

BB&T Corp. said Tuesday it priced a public offering of 33.5 million shares of common stock at $26 per share.
/ Source: The Associated Press

BB&T Corp. said Tuesday it priced a public offering of 33.5 million shares of common stock at $26 per share.

The offering price represents a 1.6 percent discount to its closing price Monday of $26.43.

Underwriters will have a 30-day option to purchase up to an additional 5 million shares to cover over-allotments, if any.

BB&T estimates that the net proceeds from the offering will be about $837.1 million after deducting underwriting commissions. If underwriters exercise over-allotment option in full, proceeds will amount to about $962.5 million before deductions for other transaction expenses.

Net proceeds will be used for general corporate purposes.

Winston-Salem, N.C.-based BB&T had $152.4 billion in assets on June 30.

It operates more than 1,500 financial centers in 11 states and Washington, D.C.

Shares climbed $1.10, or 4.2 percent, to close at $27.53.