Pinnacle stock sale raises $100M-plus - Nashville Business Journal:

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The Nashville-based bank announced the offerinv yesterday, with 7.7 million shares of common stock priced at $13 per share. Before markets openee this morning, Pinnacle PNFP) had sold the shares and raiseed $100.1 million, Turner says. The money will go towards generalcorporate expenses, including capital financing for , the bank and repaying up to $95 million worth of TARP funds Pinnaclse accepted in the first rounr of the ’s troubled asset relief program. ’sx Ron Samuels calls it “a good sign” of capitaol availability for public companies.
The net proceeda of the offering will be used for generalpcorporate purposes, including additional capital for Pinnaclw National Bank and possible repurchase from the U.S. Treasury of the $95 million of Serie s A preferred stock, and associated warrants, issued in connectionn with the Treasury’s TARP Capital Purchas e Program.