Deal prices at almost 10% discount; Goldman Sachs is underwriter
By Susanna Moon
Chicago, Feb. 28 - Duff & Phelps Corp. priced its public offering of 4.5 million shares of common stock at $13.75 each for proceeds of $61.88 million. The company is offering 3,201,922 shares, and ShinSei Bank, Ltd. is offering 1,298,078 shares.
The price per share is a 9.6% discount to the company's closing share price on Feb. 27.
As previously noted, Goldman Sachs & Co. is the underwriter. The company and the selling stockholder granted it an over-allotment option for 675,000 shares, or $9.28 million. The deal was announced on Feb. 27.
The company previously said it 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
|
| Amount: | $61,875,000
|
| Greenshoe: | $9,281,250
|
| Shares: | 4.5 million
|
| Price: | $13.75
|
| Warrants: | No
|
| Underwriter: | Goldman Sachs & Co.
|
| Announcement date: | Feb. 27
|
| Pricing date: | Feb. 28
|
| Stock symbol: | NYSE: DUF
|
| Stock price: | $15.21 at close Feb. 27
|
| Market capitalization: | $476.21 million
|
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