By Sheri Kasprzak
New York, May 31 - DXP Enterprises, Inc. negotiated the terms of a registered direct placement.
The company plans to sell 1 million shares at $47.00 each, a 9.7% discount to the company's $52.09 closing stock price on May 29.
The shares will be sold under the company's shelf registration.
Proceeds will be used to repay $35 million of outstanding borrowings under the company's $50 million revolving credit facility, with the remainder going to general corporate purposes, which may include acquisitions.
Stephens Inc. is the placement agent for the deal.
Located in Houston, DXP distributes maintenance, repair and operating products to industrial customers.
| Issuer: | DXP Enterprises, Inc.
|
| Issue: | Stock
|
| Amount: | $47 million
|
| Shares: | 1 million
|
| Price: | $47.00
|
| Warrants: | No
|
| Placement agent: | Stephens Inc.
|
| Pricing date: | May 30
|
| Settlement date: | June 4
|
| Stock symbol: | Nasdaq: DXPE
|
| Stock price: | $49.89 at close May 30
|
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