Sterling Completes $730M Capital Raise

Warburg Pincus and Thomas H. Lee Partners have each completed a $171 million investment in Sterling Financial (NASDAQ: STSA) as part of a $730 million capital raise by the bank. Each firm purchased 68.4 million shares of common stock and 1.7 million shares of Series B preferred stock in exchange for a 22.6% stake. Sandler O'Neill + Partners, Barclays Capital and FBR Capital Markets advised Sterling on the transaction, while THL received legal counsel from Weil Gotshal & Manges.