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Triple S Management Corp Prices Secondary Offering

Friday, 17 May 2013 07:00am EDT 

Triple S Management Corp announced the pricing of the previously announced secondary offering of 5,400,368 shares of Class B common stock (the Offering) by certain selling shareholders. As part of the Offering, 4,400,368 shares are being sold to the public and 1,000,000 shares are being purchased by the Company, in each case, at a price of $18.25 per share. The selling shareholders include certain holders of Class A common stock who have elected to convert shares of Class A common stock into shares of Class B common stock in connection with the Offering. Triple-S will not receive any proceeds from the Offering. Subject to customary conditions, the Offering is expected to close on May 22, 2013. Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC served as joint book-running managers, with Stifel, Nicolaus & Company, Incorporated acting as co-manager for the Offering. The underwriters have been granted a 30-day option to purchase up to an additional 810,055 shares of Class B common stock from the selling shareholders to cover overallotments, if any. The Company will not receive any proceeds from the exercise of the underwriters' option to purchase additional shares. 

Company Quote

0.34 +1.73%
20 Oct 2014