CORRECTED – CORRECTED-BRIEF-Sterling Financial to raise $730 mln in new capi

(Corrects figure in the headline to $730 mln from $370 mln)

Aug 20 (BestGrowthStock) – Sterling Financial Corp (STSA.O: ):
* Sterling Financial – THL And WP Would Purchase 68.4 Mln
Shares Of Common Stock And 1,709,150 Shares Of Series B
Preferred Stock * Announces agreements to raise $730 million
in new capital
* Says entered into agreements with about 30 accredited
investors for private placement of 155,268,000 shares
* Upon closing, THL and WP would each own an aggregate of 22.6
percent of sterling’s pro forma common stock
* Thomas H. Lee partners & Warburg Pincus amended their
agreements to increase their investments in sterling
* Says closing of recapitalization transactions are not
conditioned upon receipt of any shareholder approvals
* THL and WP would purchase shares for an aggregate purchase
price of approximately $171 million each
* Says private placement in exchange for aggregate gross
proceeds of about $388 million in cash
* Says U.S. treasury will convert its $303 million investment
of preferred stock in sterling into common shares
* Says transactions with THL, WP, other investors and US
treasury will result in the issuance of 4.2 bln shares
* Says private placement also for 3,881,700 shares of series d
preferred stock
* Says following closing of transaction, les biller would
serve as chairman of sterling’s board of directors

CORRECTED – CORRECTED-BRIEF-Sterling Financial to raise $730 mln in new capi