ViaSat has closed its fully underwritten public stock offering after increasing its size from 5.5 million shares to 6 million.
The shares were priced at US$33.50, a little lower than the company’s closing price of US$34.61 on March 22, the day it…
ViaSat has closed its fully underwritten public stock offering after increasing its size from 5.5 million shares to 6 million.
The shares were priced at US$33.50, a little lower than the company’s closing price of US$34.61 on March 22, the day it announced the offering.
The underwriters also exercised their over-allotment option to purchase an additional 466, 689 shares from ViaSat and a further 453,311 from certain existing stockholders, who sold the shares they received through ViaSat’s US$568m acquisition of WildBlue in 2009.
ViaSat estimated that it has raised US$100.5m through the transaction.
Morgan Stanley, BofA Merrill Lynch and Credit Suisse Securities were the joint book-running managers and underwriters for the offering. Barclays Capital, Needham & Company LLC and Stephens Inc acted as co-managers.
ViaSat stated that it would use the proceeds for general corporate purposes including capital expenditure, working capital, costs relating to its new satellite ViaSat-1, and possible future acquisitions. It may also use some of the proceeds to repay borrowings made under its existing US$210m revolving credit facility.
