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EverBank public offering likely next week

by Mark Basch, Contributing Writer

EverBank Financial Corp. Tuesday revealed the terms of how much stock the company will sell in its initial public offering, which likely will take place next week.

In a Securities and Exchange Commission filing, the Jacksonville-based banking company said it will offer 19.22 million shares of new stock, and existing shareholders of the closely held company will sell another 5.93 million shares.

EverBank estimates that the shares will be sold for $12 to $14 each.

The filing does not say when the stock sale will take place. According to Renaissance Capital, an IPO research firm in Greenwich, Conn., the IPO is scheduled for next week.

EverBank initially filed plans for its IPO in October 2010 and has made several updated filings with the SEC since then.

Tuesday’s filing is the first in which it indicated how much stock it will sell. Because of SEC rules that mandate a quiet period before a stock sale, EverBank officials have not been able to comment on their IPO plans.

The latest filing shows that EverBank expects net proceeds of about $225 million from the stock sale if the shares are sold at the midpoint ($13) of their projected price range. The company plans to use the proceeds for “general corporate purposes” that could include acquisitions.

In addition to the planned sale of 19.22 million shares, the underwriters for the offering could exercise options to purchase an additional 3.77 million shares from the company.

EverBank will have a total of 113.26 million to 117.03 million shares outstanding once the offering is completed.

The 5.93 million existing shares being sold to the public are held by a number of EverBank executives and investors.

The largest block is 960,557 shares being sold by Arena Capital Investment Fund L.P., which will reduce its stake in the company from 6.16 percent to 4.27 percent.

The three largest investors are not selling any shares in the IPO: Sageview Partners L.P., which will own 11.46 percent after the IPO; New Mountain Partners III L.P., which will own 6.86 percent; and TPG Funds, which will also own 6.86 percent.

EverBank CEO Robert Clements is selling 165,613 shares but will still own about 3.5 million shares, or 3.06 percent of the company.

EverBank also said in Tuesday’s filing that it expects to pay a quarterly cash dividend of 2 cents a share, beginning in the third quarter. The company has been profitable for the past five years, even through the U.S. banking crisis of 2007-08.

EverBank intends to list its shares on the New York Stock Exchange under the ticker symbol “EVER.”

mbasch@baileypub.com

356-2466

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