FirstSun Capital Bancorp And HomeStreet Amend Merger Agreement; Increase In Firstsun's Total Equity Capital Raised In Connection With Merger Of Additional $45M-60M; Revised Ratio Which HomeStreet Shareholders Receive 0.3867 Shares
FirstSun Capital Bancorp And HomeStreet Amend Merger Agreement; Increase In Firstsun's Total Equity Capital Raised In Connection With Merger Of Additional $45M-60M; Revised Ratio Which HomeStreet Shareholders Receive 0.3867 Shares
FirstSun Capital Bancorp和HomeStreet修改了合併協議；增加了與合併4500萬至6000萬美元相關的Firstsun籌集的總股本資金；修訂了HomeStreet股東獲得0.3867股股票的比率
- an increase in FirstSun's total equity capital raised in connection with the merger of an additional $45 million to $60 million, resulting in an increase from an aggregate capital raise of $175 million to up to $235 million (as further discussed below);
- a revised exchange ratio pursuant to which HomeStreet shareholders will receive 0.3867 shares (revised from 0.4345 shares under the original merger agreement) of FirstSun common stock for each share of HomeStreet common stock, which represents a value of $13.53 per share (based on the closing price per share of FirstSun shares on April 29, 2024);
- a reduced termination fee payable by HomeStreet in certain circumstances if HomeStreet receives a competing acquisition proposal within 30 days after the effective date of the Amendment to $2,600,000, plus reimbursement of FirstSun's transaction fees and expenses;
- that the combined company's ongoing banking operations will operate under a Texas state charter with FirstSun's subsidiary bank, Sunflower Bank, converting from a national bank to a Texas state chartered bank and that Sunflower Bank will also seek membership in the Federal Reserve System;
- FirstSun's issuance of $48.5 million of subordinated debt concurrently with the closing, the proceeds of which will be contributed to Sunflower Bank to further support Sunflower Bank's capital; and
- HomeStreet's disposition or sale of approximately $300 million (based on principal balance) of certain of its Commercial Real Estate loans, which disposition or loan sales will be consummated upon, or as soon as reasonably practicable, after the closing of the merger
- FirstSun籌集的總股權資本增加了與合併4,500萬美元至6000萬美元相關的總股本，從而從1.75億美元的總籌資額增加到高達2.35億美元（詳見下文）；
- 修訂後的交換比率，根據該比率，HomeStreet股東每股HomeStreet普通股將獲得0.3867股（由最初的合併協議下的0.4345股修訂）的FirstSun普通股，每股價值爲13.53美元（基於2024年4月29日FirstSun股票的每股收盤價）；
- 如果HomeStreet在修正案生效之日後的30天內收到競爭性收購提案，則HomeStreet在某些情況下應支付的終止費減少至2600,000美元，外加FirstSun的交易費用和開支的報銷；
- 合併後的公司正在進行的銀行業務將根據德克薩斯州章程運營，FirstSun的子銀行向日葵銀行將從國家銀行轉換爲德克薩斯州特許銀行，向日葵銀行也將尋求加入聯邦儲備系統；
- FirstSun在收盤時同時發行了4,850萬美元的次級債券，其所得款項將捐給向日葵銀行，以進一步支持向日葵銀行的資本；以及
- HomeStreet處置或出售其某些商業房地產貸款的約3億美元（基於本金餘額），這些貸款的處置或貸款銷售將在合併結束後或在合理可行的情況下儘快完成
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