VWR Goes Public
The price per share was below the initially forecast range of $22–$25. Prior to the offering, VWR exchanged its convertible preferred and common stock into 1.0 million newly issued shares, which were then split 102 for 1. The public offering was 25,532,000 shares, or 25% of total shares. Shares closed up 0.2% on the first day of trading.
Radnor, PA 10/1/14; New York, NY 10/2/14; Washington, DC 10/3/14—On October 2, laboratory-product provider VWR began publicly trading its stock on the NASDAQ (see IBO 9/30/14) at a price of $21 per share, raising $536 million. The company also granted the underwriters a 30-day option to purchase 3.8 million shares. Proceeds from the offering are expected to total approximately $502.2 million after deducting estimated underwriting discounts and commissions, and offering expenses. The net proceeds will be used to redeem a substantial portion of VWR’s outstanding 10.75% senior subordinated notes due in 2017 at a redemption price of 100% plus accrued and unpaid interest. The company estimated in an SEC filing that, as of June 30, on a pro forma–adjusted basis, after accounting for the offering’s proceeds, its debt would total $2,367.4 million, including its senior credit facility, senior notes and A/R facility.
