Ares Management LP and a strategic investor in the company are selling a combined 15 million common shares through a public offering.
In the public offering, Ares Management is selling about 5 million common shares, while the strategic investor is offering about 10 million of the company's common shares. The shareholder also plans to grant the offering's underwriters an option to buy up to about 2,250,000 additional common shares.
Based on a March 5 closing share price of $25.25 and assuming full exercise of the underwriters option, S&P Global Market Intelligence calculates a gross offering size of about $435.6 million.
None of the company's directors, officers or employees are offering any shares in the transaction, and none of the directors, officers or employees will receive any proceeds from the shareholder's sale.
The company, its directors, executive officers and the selling shareholder have also entered into a customary lockup agreement with the offering's underwriters.
Wells Fargo Securities, Morgan Stanley and Credit Suisse are acting as the offering's joint book-running managers, as well as the underwriters' representatives. Bank of America Merrill Lynch, UBS Investment Bank and RBC Capital Markets are also acting as joint book-running managers.
