08:36 AM EST, 11/25/2024 (MT Newswires) -- Old National Bancorp ( ONB ) said Monday it priced an underwritten public offering of about 19 million common shares at $21 per share for a total of $400 million.

The offering is expected to close Tuesday, the company said.

The net proceeds are expected to be about $384 million if the underwriters don't exercise their option to acquire more shares, Old National said.

The company said that if the underwriters' option to buy up to an additional 2.9 million shares is exercised, then it intends to enter into an additional forward sale agreement with the forward purchaser for the additional shares subject to the exercise of such option.

The company said it plans to use any net proceeds it gets upon settlement of the forward sale agreement and the additional forward sale agreement for general corporate purposes.