New Secondary Offering of Common Stock

New Secondary Offering of Common Stock

New Secondary Offering of Common Stock

The FINANCIAL -- First Hawaiian, Inc. announced the pricing of a new secondary offering of shares of its common stock (the “Secondary Offering”) at USD 27.90 per share.

The Secondary Offering comprises 20 million shares sold by an affiliate of BNP Paribas representing an aggregate public offering price close to USD 560 million[1].

In addition to the Secondary Offering, FHI purchased approximately 1.8 million of its own shares (the “Share Buy Back”), from the same affiliate of BNP Paribas, for a total amount of USD 50 million.

Following the Secondary Offering and the Share Buy Back, BNP Paribas will hold 33.3% of FHI’s common stock (31.0% if the underwriter exercises its option to purchase additional shares in full).

It is expected that this transaction will generate a capital gain after tax of approximately

EUR 300 millions in the Group third quarter results and have a positive impact of at least 10 basis points on the Group CET1 ratio as at 30 September 2018.

These operations have no impact on the second quarter results.