Primoris Services begins tender offer for common stock purchase warrants

By Lisa Kerner

Charlotte, N.C., Nov. 26 - Primoris Services Corp. began a modified Dutch auction tender offer for up to $4.5 million of the company's common stock purchase warrants.

According to a company news release, the price per warrant will be not less than $0.85 and not greater than $1.20.

On Tuesday, the closing sale price on the Nasdaq Global Market was $0.83 for the warrants and $4.64 for Primoris' common stock.

The offer is slated to end at midnight ET on Dec. 24.

Primoris said it expects to purchase a maximum of 5,294,117 warrants, or about 83.9% of the company's currently outstanding warrants.

Funding for the offer, which is not conditioned on a minimum number of warrants being tendered, will come from cash on hand.

MacKenzie Partners, Inc. is the information agent, and Continental Stock Transfer & Trust Co. is the depositary for the offer.

Primoris currently has approximately 6.3 million warrants outstanding. Each warrant entitles the holder to purchase one share of Primoris common stock at a price of $5.00 per share and is exercisable at any time on or before Oct. 2, 2010.

Primoris is a specialty contractors and engineering company based in Lake Forest, Calif.

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