Marshall & Ilsley Corp. announced the closing of its public offering of 100 million shares of its common stock at $5.75 per share Wednesday.
The additional shares include 13 million shares issued pursuant to the option granted to the underwriters, which was exercised in full.
The Milwaukee-based parent company of M&I Bank said the stock offering generated corporate proceeds of approximately $552 million. Morgan Stanley & Co. Incorporated and Barclays Capital Inc. acted as joint book-runners for the offering.
Marshall & Islely said the proceeds will be used for general corporate purposes. Some of the proceeds could be used to defray the costs of the company participating in the federal Troubled Asset Relief Program (TARP).
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