UPDATE 1-Comerica prices offering at $35, plans to repay TARP
* Prices offering of 22.8 mln shares at $35
* To use proceeds to repay TARP
* BMO Capital cuts stock to marketperform
* Shares down 3 percent
March 9 (Reuters) - Comerica Inc (CMA.N: Cotización), a large U.S. regional bank, said it priced an offering of more than 22.8 million of its shares at $35 a share.
The company said it expects the net proceeds from the offering to be about $800 million, which will be used to repay the U.S. Treasury's funds. [ID:nSGE6270L0]
Comerica said it intends to notify the U.S. government of its intention to redeem all 2.25 million shares of its Series F, fixed rate cumulative perpetual preferred stock, as issued to the Treasury under its capital purchase program.
Analysts Lana Chan and Virginia Chiarello of BMO capital markets cut their rating on the stock to "market perform" from "outperform", citing the bank's plan as a dilutive capital raise.
Comerica, which has been hurt by credit problems tied to residential real estate developers, posted its fourth-straight quarterly loss in January. Continuación...