2023-05-03 18:00:51 ET
- Ryerson ( NYSE: RYI ) on Wednesday said its principal shareholder, an affiliate of Platinum Equity, has commenced a secondary offering of 2,630,700 shares of its common stock.
- The selling stockholder will receive all of the net proceeds from the offering.
- The company is not offering any shares of its common stock in the offering and will not receive any of the proceeds.
- In addition, the company has entered into a share repurchase agreement with the selling stockholder to separately repurchase 1,369,300 shares.
- Ryerson expects to fund the share repurchase with cash on hand.
- The share repurchase is expected to be consummated concurrently with the closing of the offering.
- The share repurchase will be conditioned upon the closing of the offering, but the closing of the offering will not be conditioned upon the closing of the repurchase.
- J.P. Morgan is acting as the sole underwriter for the offering.
- Press Release .
For further details see:
Ryerson says selling stockholders to offer 2.6M shares