Prysmian: launches 850 million share issue, institutional placement gets under way

Via Abb. ‘Revenue to finance the acquisition of Atkore’

(Il Sole 24 Ore Radiocor) - Prysmian is launching an 850 million capital increase, via an accelerated procedure, to partially finance the acquisition of Atkore. The company’s board of directors has, in fact, decided to partially exercise the authorisation granted to it by the extraordinary general meeting of shareholders on 16 April, to increase the share capital in a divisible and paid-up manner (excluding subscription rights) by a maximum amount of 850 million euros, including share premium, through the issue of new ordinary shares. The number of new shares to be issued as part of the increase will be determined on the basis of the offer price resulting from the placement.

Prysmian goes on to explain that the net proceeds from the transaction will be used to partially finance the acquisition of Atkore, which has an enterprise value of $3.8 billion.

The new shares will be offered as part of a private placement to qualified or institutional investors via an accelerated bookbuilding process, which will commence immediately. In this context, the company will enter into lock-up commitments for a period of 90 days. The price of the shares (subject to the placement) will be determined following the bookbuilding process.

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