SEC Company Response from OCEANFIRST FINANCIAL CORP (OCFC) (CIK 0001004702) (OCFC) — Oct 17, 2016
OCEANFIRST FINANCIAL CORP (OCFC) (CIK 0001004702)
Date: Oct. 17, 2016 · CIK: 0001004702 · Accession: 0001193125-16-739703
AI Filing Summary & Sentiment
File numbers found in text: 333-213307
Referenced dates: October 13, 2016
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CORRESP 1 filename1.htm CORRESP Table of Contents October 17, 2016 VIA EDGAR Era Anagnosti, Legal Branch Chief Office of Financial Services United States Securities and Exchange Commission 100 F Street, NE Washington, D.C. 20549-3628 Re: OceanFirst Financial Corp. Amendment No. 1 to Registration Statement on Form S-4 Filed October 6, 2016 File No. 333-213307 Dear Ms. Anagnosti: On behalf of our client, OceanFirst Financial Corp. (the “Company”), we are writing to respond to the comments set forth in the comment letter of the staff (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”), dated October 13, 2016 (the “Comment Letter”), relating to Amendment No. 1, filed by the Company with the Commission on October 6, 2016 (“Amendment No. 1”), to the Company’s Registration Statement on Form S-4 initially filed by the Company with the Commission on August 25, 2016 (File No. 333-213307) (the “Initial Registration Statement”). In connection with this response to the Comment Letter, the Company is contemporaneously filing an Amendment No. 2 to the Initial Registration Statement (“Amendment No. 2” and, together with the Initial Registration Statement and Amendment No. 1, the “Registration Statement”) and a separate letter requesting acceleration of effectiveness of the Registration Statement pursuant to Rule 461(a) promulgated under the Securities Act of 1933, as amended. References herein to page numbers are to page numbers in Amendment No. 2 being filed contemporaneously herewith. For your convenience, the numbered paragraphs of this letter correspond to the numbered paragraphs of the Comment Letter. We have recited the comments from the Staff in bold type and have followed each comment with the response to such comment. Also enclosed, for the convenience of the Staff, is a copy of Amendment No. 2 (Exhibit A), which is marked to show changes from the relevant portions of the previously filed Amendment No. 1. Joint Proxy Statement/Prospectus Cover Page 1. We note your response and revised disclosure in response to comment 1 regarding OceanFirst’s option to override Ocean Shore’s proposed termination by increasing the exchange ratio. Please include footnote disclosure to the Calculation of Registration Fee table to state that in the event of a change in the exchange ratio, the additional issuance of shares would require a separate registration statement. For Table of Contents Ms. Anagnosti October 17, 2016 Page 2 guidance, please refer to Securities Act Rule 413 and Securities Act Rules Compliance and Disclosure Interpretation 610.01. Response: The disclosure in the Registration Fee table has been revised in response to the Staff’s comment. Certain Unaudited Prospective Financial Information of Ocean Shore, page 82 2. We note the new disclosure of shared projections in response to comment 3, including the statements found in the last paragraph on page 83: “The summary of the Ocean Shore projections included below is not being included to influence your decision whether to vote for the OceanFirst share issuance proposal....” and “The Ocean Shore projections are provided solely because they were made available to other parties in connection with the Transactions.” Please revise your disclosure to remove these inappropriate limitations on shareholders’ reliance on the registration statement disclosures. Response: The disclosure in Amendment No. 2 has been revised in response to the Staff’s comment. Please see “The Transactions — Certain Unaudited Prospective Financial Information of Ocean Shore” on page 82 of Amendment No. 2. Change in Control Agreements between Other Executive Officers and Ocean Shore, page 85 3. Disclosure in the penultimate bullet point on page 14 indicates that Ms. Bossi and Ms. Davidson would enter into agreements with OceanFirst to provide, among other things, for payments in lieu of the lump sum cash payment under their change in control agreements. Please revise to clarify the actual payment amounts they will receive in lieu of the lump sum cash payments under the change in control agreement, as well as disclose the material terms of the contemplated employment agreements with OceanFirst. Response: The disclosure in Amendment No. 2 has been revised in response to the Staff’s comment. Please see “Interests of Ocean Shore’s Directors and Executive Officers in the Transactions — Agreements with OceanFirst (Arrangements with Ms. Bossi and Ms. Davidson)” on page 87 of Amendment No. 2. Please note that OceanFirst has not proposed employment agreement terms to Ms. Bossi or Ms. Davidson. U.S. Federal Income Tax Consequences of the Integrated Mergers, page 111 4. The tax opinion filed as Exhibit 8.1 states that the federal tax consequences “will be as described in the Registration Statement,” while the disclosure at the top of page 112 assumes that the integrated mergers will together be treated as an integrated transaction that qualifies as a reorganization pursuant to Section 368(a) of the Internal Revenue Code. Please revise the disclosure to remove this assumption and Table of Contents Ms. Anagnosti October 17, 2016 Page 3 to add a statement that the disclosure is the opinion of counsel, and have counsel revise its opinion to state that the disclosure in the filing represents the opinion of counsel. Alternatively, have counsel file a long form tax opinion. For guidance, please refer to Section III.B. of Staff Legal Bulletin No.19 (CF). Response: The disclosure in Amendment No. 2 has been revised in response to the Staff’s comment. Please see “U.S. Federal Income Tax Consequences of the Integrated Mergers” on pages 111 and 112 of Amendment No. 2. In additions, the tax opinions attached to the Registration Statement as Exhibits 8.1 and 8.2 have been revised to address the Staff’s comment. Should any member of the Staff of the Commission have any questions concerning the enclosed materials or desire further information or clarification in connection therewith, such person should contact the undersigned at (212) 735-2697 or david.ingles@skadden.com. Very truly yours, /s/ David C. Ingles David C. Ingles (212) 735-2697 david.ingles@skadden.com cc: Christopher D. Maher, OceanFirst Financial Corp. Steven J. Tsimbinos, OceanFirst Financial Corp. Jessica Livingston, United States Securities and Exchange Commission Eric Envall, United States Securities and Exchange Commission Enclosures Table of Contents Exhibit A Table of Contents As filed with the Securities and Exchange Commission on October 17, 2016 Registration No. 333-213307 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OCEANFIRST FINANCIAL CORP. (Exact name of registrant as specified in its charter) Delaware 6035 22-3412577 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 975 HOOPER AVENUE, TOMS RIVER, NEW JERSEY 08753 (732) 240-4500 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices) Christopher D. Maher President and Chief Executive Officer 975 Hooper Avenue Toms River, New Jersey 08753 (732) 240-4500 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) Copies to: Steven J. Tsimbinos, Esq. OceanFirst Financial Corp. 975 Hooper Avenue Toms River, New Jersey 08753 Phone: (732) 240-4500 Steven E. Brady Ocean Shore Holding Co. 1001 Asbury Avenue Ocean City, New Jersey 08226 Phone: (609) 399-0012 David C. Ingles, Esq. Skadden, Arps, Slate, Meagher & Flom LLP 4 Times Square New York, New York 10036 Phone: (212) 735-3000 Aaron M. Kaslow, Esq. Kilpatrick Townsend & Stockton LLP 607 14th Street, NW, Suite 900 Washington, D.C. 20005 Phone: (202) 508-5825 Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective and the conditions to the closing of the merger described herein have been satisfied or waived. If the securities being registered on this Form are to be offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box: ¨ If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨ If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ¨ Accelerated filer x Non-accelerated filer ¨ Smaller reporting company ¨ If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction: Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ¨ Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) ¨ Table of Contents CALCULATION OF REGISTRATION FEE Title of each class of securities to be registered Amount to be registered Proposed maximum offering price per share Proposed maximum aggregate offering price Amount of registration fee Common Stock, $0.01 par value per share 6,625,342 shares(1) N/A $123,727,579.20(2) $12,459.37(3) (1) Represents the maximum number of shares of the common stock of OceanFirst Financial Corp. (“OceanFirst”) estimated to be issuable upon completion of the merger of Masters Merger Sub Corp., a wholly-owned subsidiary of OceanFirst (“Merger Sub”), with and into Ocean Shore Holding Co. (“Ocean Shore”). This number represents the sum of (a) the product of (i) 0.9667, the exchange ratio representing the stock portion of the merger consideration, and (ii) 6,492,291, which is the number of shares of Ocean Shore’s common stock outstanding as of August 22, 2016 (including the shares of Ocean Shore’s common stock underlying Ocean Shore’s restricted stock awards as of August 22, 2016), and (b) the product of (i) 1.2084 and (ii) 289,014, the number of shares of Ocean Shore’s common stock reserved for issuance upon the exercise of the outstanding Ocean Shore stock options, in each case, pursuant to the terms of the Agreement and Plan of Merger, dated as of July 12, 2016, by and among Ocean Shore, OceanFirst and Merger Sub, which is attached to the joint proxy statement/prospectus as Annex A. The number of shares included in the registration fee table does not include the additional shares that could be issued, upon OceanFirst’s election, to avoid the termination of the merger agreement by Ocean Shore due to a decrease below certain specified thresholds of the average price of OceanFirst common stock over a specified period of time, pursuant to the merger agreement and described in more detail elsewhere in this joint proxy statement/prospectus. The shares that could be issued in that context cannot be determined at this time. In the event that the exchange ratio is increased such that the number of shares of common stock of OceanFirst is increased beyond the amount registered pursuant to this Registration Statement, OceanFirst would file prior to consummation of the merger pursuant to Rule 462(b) a short-form registration statement provided that the additional amount of shares to be registered is within the limits and conditions provided for under Rule 462(b). Under Rule 462(b), a registration statement thereto shall become effective upon filing if, among other things: (i) the registration statement is for registering additional securities of the same class as were included in an earlier registration statement for the same offering and declared effective by the Securities and Exchange Commission; and (ii) the new registration statement registers additional securities in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth for each class of securities in the “Calculation of Registration Fee” table contained in such earlier registration statement. Alternatively, if OceanFirst cannot avail itself of the provisions of Rule 462(b), it would pursue registering the additional shares under a new registration statement filed pursuant to Rule 429. (2) Estimated solely for the purpose of calculating the registration fee required by Section 6(b) of the Securities Act of 1933, as amended, and computed pursuant to Rules 457(f) and 457(c) under the Securities Act, based upon the market value of shares of Ocean Shore common stock in accordance with Rules 457(c) and 457(f) under the Securities Act as follows: (a) the product of (i) $22.41, the average of the high and low prices per share of Ocean Shore’s common stock as reported on the NASDAQ Global Select Market on August 22, 2016 and (ii) 6,781,305, the estimated maximum number of shares of Ocean Shore common stock that may be exchanged for shares of OceanFirst common stock minus (b) $28,241,465.80, the estimated aggregate amount of cash to be paid by OceanFirst in exchange for shares of Ocean Shore common stock. (3) Determined in accordance with Section 6(b) of the Securities Act of 1933, as amended, at a rate equal to $100.70 per $1,000,000 of the proposed maximum aggregate offering price. Previously paid. The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. Table of Contents Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This document shall not constitute an offer to sell or the solicitation of any 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. PRELIMINARY — SUBJECT TO COMPLETION — DATED OCTOBER 17, 2016 Proxy Statement Prospectus MERGER AND SHARE ISSUANCE PROPOSED — YOUR VOTE IS VERY IMPORTANT Dear Stockholder: On July 12, 2016, OceanFirst Financial Corp., a Delaware corporation (which we refer to as “OceanFirst”), Ocean Shore Holding Co., a New Jersey corporation (which we refer to as “Ocean Shore”), and Masters Merger Sub Corp., a New Jersey corporation and a wholly-owned subsidiary of OceanFirst (which we refer to as “Merger Sub”), entered into an Agreement and Plan of Merger (which we refer to as the “merger agreement”) that provides for the combination of OceanFirst and Ocean Shore. Under the terms of the merger agreement, (i) Merger Sub will merge with and into Ocean Shore (which we refer to as the “first-step merger”), with Oc