Patriot National announces launch of IPO
07/01/2015 14:44
Patriot National, Inc. announced that it has commenced an initial public offering of 8,315,700 shares of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission. The initial public offering price is currently expected to be between USD 16 and USD 18 per share. Patriot National is offering 7,350,000 shares of its common stock and the selling stockholders named in the registration statement are offering 965,700 shares of common stock. The underwriters may also purchase first, from Patriot National, up to an additional 1,102,500 shares of common stock and second, from the selling stockholders, up to an additional 144,855 shares of common stock, in each case, solely to cover over-allotments, if any, within 30 days from the date of the offering. Patriot National intends to apply to list its common stock on the New York Stock Exchange under the symbol "PN." Patriot National intends to use the net proceeds from the offering, together with borrowings under a proposed senior secured credit facility or cash on hand, to fund repayment of existing indebtedness. Any remaining net proceeds will be used for working capital and general corporate purposes. Patriot National will not receive any proceeds from the sale of shares of common stock by the selling stockholders. UBS Securities LLC, BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers of the offering, and JMP Securities LLC and William Blair & Company, L.L.C. are acting as co-managers of the offering.
07/01/2015 14:44
Patriot National, Inc. announced that it has commenced an initial public offering of 8,315,700 shares of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission. The initial public offering price is currently expected to be between USD 16 and USD 18 per share. Patriot National is offering 7,350,000 shares of its common stock and the selling stockholders named in the registration statement are offering 965,700 shares of common stock. The underwriters may also purchase first, from Patriot National, up to an additional 1,102,500 shares of common stock and second, from the selling stockholders, up to an additional 144,855 shares of common stock, in each case, solely to cover over-allotments, if any, within 30 days from the date of the offering. Patriot National intends to apply to list its common stock on the New York Stock Exchange under the symbol "PN." Patriot National intends to use the net proceeds from the offering, together with borrowings under a proposed senior secured credit facility or cash on hand, to fund repayment of existing indebtedness. Any remaining net proceeds will be used for working capital and general corporate purposes. Patriot National will not receive any proceeds from the sale of shares of common stock by the selling stockholders. UBS Securities LLC, BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers of the offering, and JMP Securities LLC and William Blair & Company, L.L.C. are acting as co-managers of the offering.
