Old National Bancorp Completes Forward Sale Agreements, Delivers 21.9 Million Shares of Common Stock

Strategic Insights -

Old National Bancorp, a leading financial institution, has completed its forward sale agreements with Citigroup Global Markets Inc. and physically settled the agreements by delivering 21,904,762 shares of common stock to the forward purchaser. This significant milestone marks the culmination of a complex transaction that began on November 25, 2024, with the execution of underwriting and forward sale agreements.

The forward sale agreements, which involved the sale of 19,047,619 shares of common stock, were settled through the delivery of shares on May 23, 2025. The transaction generated net proceeds of approximately $443.2 million for the company. The completion of this transaction underscores the bank's commitment to its growth strategy and its ability to execute complex financial transactions.

Key Takeaways:

  • Old National Bancorp has completed its forward sale agreements with Citigroup Global Markets Inc. and delivered 21,904,762 shares of common stock to the forward purchaser.
  • The forward sale agreements, executed on November 25, 2024, involved the sale of 19,047,619 shares of common stock.
  • The transaction generated net proceeds of approximately $443.2 million for the company.
  • The completion of this transaction marks the culmination of a complex process that began with the execution of underwriting and forward sale agreements.
  • The company's ability to execute this transaction demonstrates its commitment to its growth strategy and its capacity to navigate complex financial transactions.
  • The bank's partnership with Citigroup Global Markets Inc. highlights the importance of strategic partnerships in achieving its growth objectives.

Statistics:

  • 21,904,762: Number of shares of common stock delivered to the forward purchaser.
  • 19,047,619: Number of shares of common stock sold under the forward sale agreements.
  • $443.2 million: Net proceeds generated from the sale of common stock.
  • May 23, 2025: Date of physical settlement of the forward sale agreements.
  • November 25, 2024: Date of execution of underwriting and forward sale agreements.

Sources:

  • OLD NATIONAL BANCORP /IN/, FORM 8-K (Current Report) with the U.S. Securities and Exchange Commission on May 28, 2025.