Hill greenshoe exercised in part in $40.57 million public stock sale

Bookrunning manager KeyBanc Capital Markets assisted with deal

By Devika Patel

Knoxville, Tenn., Aug. 6 – Hill International Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $5.42 million greenshoe in part, lifting total proceeds to $40.57 million. The deal priced for $36.13 million with the greenshoe on July 31.

The company sold 9,546,629 common shares at $4.25 per share. The price per share is a 10.71% discount to the July 30 closing share price of $4.76. Of the shares, 1,046,629 were part of the partially exercised greenshoe.

KeyBanc Capital Markets Inc. was the bookrunning manager.

Proceeds will be used to meet obligations and repay a portion of debt under the company’s credit facilities.

Hill International is a Marlton, N.J.-based provider of program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets.

Issuer:	Hill International Inc.
Issue:	Common stock
Amount:	$40,573,173, including $4,448,173 from greenshoe
Greenshoe:	$5,418,750
Shares:	9,546,629
Price:	$4.25
Warrants:	No
Bookrunner:	KeyBanc Capital Markets Inc.
Co-managers:	William Blair & Co., LLC, Houlihan Lokey Capital, Inc., Boenning & Scattergood, Inc., Sidoti & Co., LLC and SG Americas Securities, LLC
Investor:	RAIT Financial Trust (for $2.85 million)
Pricing date:	July 31
Settlement date:	Aug. 6
Stock symbol:	NYSE: HIL
Stock price:	$4.75 at close July 30
Market capitalization:	$181.79 million

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