Two major financial institutions today announced that they will be raising fresh capital.
Morgan Stanley has priced a public offering of 146 million shares of common stock to the public at $24.00 per share for total gross proceeds of approximately $3.5 billion. The underwriters will have a 30-day option to purchase up to an additional 21.9 million shares of common stock from Morgan Stanley. Additionally, Morgan Stanley today priced a public offering of $4 billion in aggregate principal amount of senior notes. The notes will not be guaranteed by the FDIC. Shares were down about eight percent in early trading.
In addition, Wells Fargo & Company today has priced a $7.5 billion offering of 341 million shares of its common stock at $22.00 per share. The underwriters will have a 30-day option to purchase up to an additional 51.15 million shares of common stock from the company to cover over-allotments. The closing is expected to occur on or about May 13, 2009. J.P. Morgan Securities Inc. is acting with Wachovia Securities as joint bookrunning managers for the offering. Shares were down almost three percent in early trading.
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