Vedder Price is pleased to announce its representation of Piper Sandler & Co. as joint bookrunning manager for the successful completion of First Busey Corporation’s underwritten public offering of 8.6 million depositary shares. Each share represents a 1/40 interest in a share of the company’s 8.25% fixed rate Series B non-cumulative perpetual preferred stock.

This offering, which included the partial exercise of the underwriters’ over-allotment option, generated approximately $207.5 million in net proceeds for First Busey, after estimated expenses and underwriting discounts and commissions. Piper Sandler & Co., alongside Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, Inc., served as joint bookrunning managers, with Janney Montgomery Scott LLC acting as co-manager.

The Vedder Price legal team was led by Shareholder Jennifer Durham King and Associates Sarah Branch and Nicholas Zlevor.