Wilmington Trust Corporation (NYSE: WL) announced today that it has
priced an underwritten public offering of 18,875,000 shares of its
common stock at $13.25 per share. The proceeds from the offering, net of
underwriting discounts, will be $238,221,375, which will qualify as both
tangible common equity and regulatory Tier 1 capital and will be used
for general corporate purposes. This may include the redemption of
preferred stock issued to the U.S. Treasury under the TARP Capital
Purchase Program, subject to regulatory approval.
J.P. Morgan Securities Inc. and Keefe, Bruyette & Woods, Inc. are
serving as joint book-running managers for the offering.
Wilmington Trust has granted the underwriters a 30-day option to
purchase up to an additional 2,831,250 shares of common stock to cover
over-allotments, if any. Offers may be made only by means of a
prospectus and a related prospectus supplement. Copies of the prospectus
and related prospectus supplement with respect to this offering may be
obtained from J.P. Morgan Securities Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attention:
Prospectus Department, or by calling 866-803-9204.
Wilmington Trust has filed a registration statement (File No.
333-147694), including a prospectus, with the Securities and Exchange
Commission (SEC) for the offering to which this communication relates.
Before investing, investors should read the prospectus in that
registration statement and the other documents Wilmington Trust has
filed with the SEC for more complete information about Wilmington Trust
and this offering. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities, in any jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About Wilmington Trust
Wilmington Trust Corporation (NYSE: WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory services for high-net-worth clients
in 36 countries, and Corporate Client services for institutional clients
in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
Forward-looking statements
This press release includes forward-looking statements within the
meaning of the "Safe-Harbor” provisions of the Private Securities
Litigation Reform Act of 1995, which management believes are a benefit
to shareholders. These statements are necessarily subject to risk and
uncertainty and actual results could differ materially due to various
risk factors, including those set forth from time to time in our filings
with the SEC. You should not place undue reliance on forward-looking
statements and we undertake no obligation to update any such statements.
In this press release we make forward-looking statements about our
ability to raise common capital, the amount of capital we intend to
raise, and our use of that capital. Specific risks that could cause
results to differ from the forward-looking statements are set forth in
our filings with the SEC and include, without limitation, negative
reaction to our public offering and unfavorable pricing of the offering.
