Goldman Sachs will receive greenshoe for 675,000 shares
By Angela McDaniels
Tacoma, Wash., Feb. 27 - Duff & Phelps Corp. has begun an underwritten public offering of 4.5 million shares of common stock. The company is offering 3,201,922 shares, and ShinSei Bank, Ltd. is offering 1,298,078 shares.
The company and the selling stockholder will grant the underwriter, Goldman Sachs & Co., an over-allotment option for 675,000 shares, according to a company news release.
The company plans to use the proceeds to redeem 3,201,922 units in Duff & Phelps Acquisitions, LLC from some existing unitholders. Duff & Phelps intends to use cash from its balance sheet and borrowings under its revolving credit facility to redeem an additional 700,000 units held by the unitholders. Holders who elect to be redeemed will agree to a lock-up for a period of 90 days.
Duff & Phelps is a financial advisory and investment banking firm based in New York.
| Issuer: | Duff & Phelps Corp.
|
| Issue: | Common stock
|
| Shares: | 4.5 million
|
| Greenshoe: | 675,000 shares
|
| Warrants: | No
|
| Underwriter: | Goldman Sachs & Co.
|
| Pricing date: | Feb. 27
|
| Stock symbol: | NYSE: DUF
|
| Stock price: | $15.21 at close Feb. 27
|
| Market capitalization: | $476.21 million
|
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