Deal is expected to finance purchase of Malibu Boats Holdings units
By Devika Patel
Knoxville, Tenn., July 15 – Malibu Boats, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $9.96 million greenshoe in full for total proceeds of $80.88 million. The deal was announced June 27 and priced for $70.92 million with the greenshoe on July 10.
The deal was conducted alongside a secondary sale that priced for $17.88 million with a $3.36 million greenshoe that was also fully exercised for total proceeds of $21.24 million.
The company sold 4,371,893 class A common shares at $18.50 per share. The price per share is a 3.75% discount to the July 9 closing share price of $19.22. Selling shareholders sold an additional 1,148,107 shares at the same price.
Of the shares sold by the company, 538,252 were part of the fully exercised greenshoe. Of the secondary shares, 181,748 were part of the fully exercised greenshoe.
Raymond James and Wells Fargo Securities were the joint bookrunners.
Proceeds will be used to purchase units of Malibu Boats Holdings, LLC.
The Loudon, Tenn., company makes and sells sport boats.
| Issuer: | Malibu Boats, Inc.
|
| Issue: | Class A common stock
|
| Amount: | $80,880,021 (including $9,957,662 greenshoe)
|
| Shares: | 4,371,893
|
| Price: | $18.50
|
| Warrants: | No
|
| Bookrunners: | Raymond James and Wells Fargo Securities
|
| Co-managers: | SunTrust Robinson Humphrey and BMO Capital Markets
|
| Announcement date: | June 27
|
| Pricing date: | July 10
|
| Settlement date: | July 15
|
| Stock symbol: | Nasdaq: MBUU
|
| Stock price: | $19.22 at close July 9
|
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