Marshall & Ilsley Corporation Announces $400 Million Common Stock Offering
June 11 2009 - 6:59AM
PR Newswire (US)
MILWAUKEE, June 11 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) announced today that it has
commenced a public offering of $400 million of its common stock for
sale to the public. The underwriters in this offering will be
granted an option to purchase up to an additional 15 percent of the
shares sold. Morgan Stanley & Co. Incorporated and Barclays
Capital Inc. are acting as joint book-runners for the offering.
M&I intends to use the net proceeds of this offering, estimated
to be approximately $384 million, 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. 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 to do so, M&I may
elect to repurchase a portion of its Senior Preferred Stock, Series
B issued to the United States Department of the Treasury as part of
its Capital Purchase Program with all or a portion of the remaining
net proceeds of this offering. Any such repurchase would be subject
to consultation with and approval by M&I's banking regulators.
In the event that M&I chooses to seek such approval, there can
be no assurance that such approval would 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 IDEA on the
SEC's website at http://www.sec.gov/. Alternatively, copies may be
obtained from Morgan Stanley & Co. Incorporated, 180 Varick
Street, Second Floor, New York, New York 10014, Attention:
Prospectus Department, Toll Free (866) 718-1649, or by email at ;
or Barclays Capital Inc., c/o Broadridge Integrated Distribution
Services, 1155 Long Island Avenue, Edgewood, New York 11717, Toll
Free (888) 603-5847; or by email at . About Marshall & Ilsley
Corporation Marshall & Ilsley Corporation (NYSE:MI) is a
diversified financial services corporation headquartered in
Milwaukee, Wis., with $61.8 billion in assets. Founded in 1847,
M&I Marshall & Ilsley Bank is the largest Wisconsin-based
bank, with 193 offices throughout the state. In addition, M&I
has 53 locations throughout Arizona; 32 offices in Indianapolis and
nearby communities; 36 offices along Florida's west coast and in
central Florida; 16 offices in Kansas City and nearby communities;
26 offices in metropolitan Minneapolis/St. Paul, and one in Duluth,
Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank
subsidiary has 17 offices in the greater St. Louis area. M&I
also provides trust and investment management, equipment leasing,
mortgage banking, asset-based lending, financial planning,
investments, and insurance services from offices throughout the
country and on the Internet (http://www.mibank.com/ or
http://www.micorp.com/). M&I's customer-based approach,
internal growth, and strategic acquisitions have made M&I a
nationally recognized leader in the financial services industry.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, without limitation,
statements regarding certain plans, expectations and goals that are
preceded by, followed by, or that include words such as "may,"
"expects," "anticipates," "estimates" or "believes." Such
statements are subject to important factors that could cause
M&I's actual results to differ materially from those
anticipated by the forward-looking statements. These factors
include: (i) M&I's exposure to the deterioration in the
commercial and residential real estate markets, along with the
deterioration in the U.S. economy as a whole, which could result in
increased charge-offs and increases in M&I's allowance for loan
and lease losses, (ii) various other factors, including changes in
economic conditions affecting borrowers, new information regarding
outstanding loans and identification of additional problem loans,
which could require an increase in M&I's allowance for loan and
lease losses, (iii) M&I's ability to maintain required levels
of capital, (iv) the impact of recent and future legislative
initiatives on the financial markets or on M&I, (v) M&I's
exposure to the actions and potential failure of other financial
institutions, (vi) volatility in M&I's stock price, and (vii)
those factors referenced in Item 1A. Risk Factors in M&I's
annual report on Form 10-K for the year ended December 31, 2008,
and as may be described from time to time in M&I's subsequent
SEC filings, which factors are incorporated herein by reference.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect only M&I's belief as
of the date of this press release. Except as required by federal
securities law, M&I undertakes no obligation to update these
forward-looking statements or reflect events or circumstances after
the date of this press release. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: Greg Smith, senior vice president, chief
financial officer, +1-414-765-7727, or Dave Urban, vice president,
director of investor relations, +1-414-765-7853, both of Marshall
& Ilsley Corporation Web Site: http://www.micorp.com/
http://www.mibank.com/
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