US fibre network provider Zayo Group has priced its planned public offering of 21 million shares at USD$19 per share, which would enable it to raise around US$400m.
The company is offering 16 million shares, while selling stockholders are placing five…
US fibre network provider Zayo Group has priced its planned public offering of 21 million shares at USD$19 per share, which would enable it to raise around US$400m.
The company is offering 16 million shares, while selling stockholders are placing five million shares to be listed on NYSE from 17 October.
The underwriters have a 30-day option to purchase from the selling stockholders up to an additional three million shares of common stock.
In a previous statement, Zayo had said it would offer 28.9 million shares at a price expected to be between US$21 and $24 per share.
As previously announced, proceeds from the offering will be used for general corporate purposes, which may include the redemption of certain outstanding debt, acquisitions, working capital, and capital expenditures.
Morgan Stanley, Barclays, and Goldman Sachs acted as lead joint bookrunning managers and representatives of the underwriters. RBC Capital Markets, Citigroup and SunTrust Robinson Humphrey served as joint bookrunning managers.
Sponsor-backed Zayo first announced plans to go public in early July. At the time, the company said it was aiming to raise up to US$100m.
Since it was founded in 2007, the company has expanded via M&A, acquiring 30 businesses for a total investment value of US$3.7bn.
Zayo controls a 81,000 mile fibre network and serves wireline and wireless operators, data centres, ISPs, high-bandwidth enterprises and government agencies in the US and Europe.
