- Ecovyst ( NYSE: ECVT ) has priced upsized previous underwritten public offering by funds affiliated with CCMP Capital Advisors, LP.
- The size of the offering increased from the previously announced 16M shares to an aggregate of 17.5M shares of the company’s common stock at a price to the public of $8.25 per share.
- Offering is expected to close on November 17, 2022.
- Underwriters are granted a 30-day option to purchase up to 2,625,000 additional shares at the public offering price less underwriting discounts and commissions.
- The Selling Stockholders will receive all of the net proceeds from the offering. No shares are being sold by the company.
- Concurrently, the company intends to repurchase from the underwriters 8M shares of the common stock being sold in the Offering at a price per share equal to the price per share paid by the underwriters to the Selling Stockholders in the offering.
- The Company intends to fund the share repurchase with cash on hand and cash from operations.
- The closing of the share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the Offering.
For further details see:
Ecovyst prices upsized 17.5M secondary offering at $8.25/share