Old National sets share offering price at $10

Old National sets offer price for 18M shares at $10 per share; expects to net $171M

• On 1:11 pm EDT, Wednesday September 23, 2009

EVANSVILLE, Ind. (AP) -- Old National Bancorp said Tuesday it has priced a public offering of 18 million shares of common stock at $10 per share, and it expects to net $171 million.

The parent company of Old National Bank said it would use the proceeds to fund acquisitions, potentially including assets and liabilities of failed or distressed financial institutions in FDIC-sponsored or assisted transactions. It may also use the money for general expenses.

The number of shares has been increased since the company announced the offering on Sept. 21.

The underwriters have the option to buy an additional 2.7 million shares of common stock to cover any overallotments. Sandler O'Neill & Partners LP was the book-running manager. Keefe, Bruyette & Woods Inc. and SunTrust Robinson Humphrey Inc. were co-managers.

Old National shares rose 34 cents, or 3 percent, to $10.99 on Wednesday afternoon.