First Hawaiian’s $588 Million Secondary Common Stock Offering

Simpson Thacher recently represented the underwriter, Goldman Sachs & Co. LLC, in a follow-on offering of First Hawaiian, Inc.’s (“First Hawaiian”) common stock.

A total of 20,000,000 shares of common stock were sold in the offering at a price to the public of $27.90 per share. The underwriters have an option to purchase up to an additional 3,000,000 shares of First Hawaiian’s common stock. The shares were sold by an affiliate of BNP Paribas. First Hawaiian’s common stock is listed on the NASDAQ Global Select Market under the symbol “FHB.” After the completion of the offering, BNP Paribas beneficially owns 33.3% of the outstanding shares of First Hawaiian’s common stock (or 31% if the underwriters exercise their option to purchase additional shares).

First Hawaiian is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858, is Hawaii’s oldest and largest financial institution with $20.5 billion of assets as of June 30, 2018.

The Simpson Thacher team for this offering included, among others, Lesley Peng (Picture) and Eva Kang (Capital Markets); Adam Cohen and Spencer Sloan (Bank Regulatory); Jamin Koslowe (ECEB); Jonathan Cantor and Caroline Phillips (Tax); and Andrew Pagliughi (FINRA and Blue Sky).

Involved fees earner: Lesley Peng – Simpson Thacher & Bartlett; Eva Yunjeong Kang – Simpson Thacher & Bartlett; Adam Cohen – Simpson Thacher & Bartlett; Spencer Sloan – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Caroline Phillips – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Goldman, Sachs & Co.;


Author: Ambrogio Visconti