The shares have been offered for sale at USD39.48. The company expects to raise $159.9m from the offering after deducting underwriting discounts and other expenses, which will be used to reduce the company’s indebtedness and for ‘other general corporate purposes’, a release said.
The company’s share price rose as high as USD40.95 when trading started on Friday 16 November, its first day as a member of the S&P 500. By the end of the day, they had settled at USD39.82, slightly above the offering price.
The offering of 4m shares is underwritten by Morgan Stanley. There is no option for the underwriter to purchase additional shares to cover over-allotments.
