Marshall & Ilsley Corporation Announces Pricing of $500 Million Common Stock Offering
June 11 2009 - 8:43PM
PR Newswire (US)
MILWAUKEE, June 11 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) announced today the pricing of its
public offering of 87,000,000 shares of its common stock at $5.75
per share. The proceeds to M&I after deducting underwriting
discounts and commissions and estimated offering expenses are
expected to be approximately $480 million. M&I has granted the
underwriters an option to purchase up to an additional 13,000,000
shares of its common stock. The offering is expected to close on
June 17, 2009. 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 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/
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