Lazard Capital assists with sale; deal funds general working capital
By Devika Patel
Knoxville, Tenn., Jan. 31 - Towerstream Corp. said it priced a $30 million public offering of stock with a $4.5 million greenshoe. The deal was announced Wednesday.
The company will sell 10 million common shares at $3.00 per share. The price per share is a 5.36% discount to the Jan. 30 closing share price of $3.17.
Lazard Capital Markets is the sole bookrunning manager.
Settlement is expected Feb. 5.
Proceeds will be used for general working capital.
Based in Middletown, R.I., Towerstream provides broadband services.
| Issuer: | Towerstream Corp.
|
| Issue: | Common stock
|
| Amount: | $30 milllion
|
| Greenshoe: | $4.5 million
|
| Shares: | 10 million
|
| Price: | $3.00
|
| Warrants: | No
|
| Bookrunner: | Lazard Capital Markets LLC
|
| Co-managers: | Canaccord Genuity Inc. and D.A. Davidson & Co.
|
| Announcement date: | Jan. 30
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 5
|
| Stock symbol: | Nasdaq: TWER
|
| Stock price: | $3.17 at close Jan. 30
|
| Market capitalization: | $156.83 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
