Success of First Hawaiian New Secondary Offering of Common Stock

On Monday 30 July 2018, First Hawaiian, Inc. (“FHI”) 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.

A registration statement relating to FHI’s common stock has been filed with, and declared effective by, the Securities and Exchange Commission. The offering has been made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Footnotes

1. ^{^} [1] BNP Paribas has granted the underwriter a 30-day option to purchase up to an additional 3 million shares of FHI common stock. If the underwriter exercises this option in full, the total offering would comprise 23 million shares of FHI to be sold by an affiliate of BNP Paribas.