BPOP - Evertec stock dips on secondary stock offering priced at $32.00

• Evertec ( NYSE: EVTC ) said that Popular, Inc. ( NASDAQ: BPOP ) has commenced an underwritten secondary offering of 6,355,694 shares of the company’s common stock.
• The selling stockholder will receive all of the net proceeds from the offering.
• The company is not selling any shares of common stock in the offering and will not receive any proceeds from the offering.
• Concurrently with the closing of the offering, Evertec has entered into a repurchase pact with the selling stockholder to repurchase ~$25.0M of the company’s shares of common stock from the selling stockholder in a private transaction.
• The closing of the offering is not contingent on the closing of the share repurchase.
• After the completion of this offering and the share repurchase, it is expected that the selling stockholder will no longer own equity of the company.

• EVTC shares have dropped over 2.22% after-hours in response to the offering.

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