AUSTIN, TX-Guaranty Financial Group Inc.’s private placement transactions with TRT Financial Holdings LLC, Icahn Capital LP and other investors has closed, resulting in total gross proceeds of about $600 million. The financial institution could raise an additional $150 million in a rights offering with shareholders.

“We are happy that we were able to help structure and participate in Guaranty raising $600 million of capital,” Carl Icahn, chairman of New York City-based Icahn Capital LP, says in a press release. “This investment helps to strengthen Guaranty’s balance sheet and position them more strongly to navigate through the current credit cycle and capitalize on opportunities in the future.” Guaranty Financial is the second largest publicly traded financial services holding company headquartered in Texas and one of the 50 largest publicly traded financial services companies based in the US in terms of asset size.

A spokesman declined to tell GlobeSt.com much more than what was in the release, but acknowledges the private placement transactions and rights offering were conducted to improve the company’s capital ratios, including its commercial lending till. “We were well-capitalized before the infusion,” he adds, “these actions just take it beyond those standards.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.