INC Research Holdings (INCR) Announces 4.5M Share Secondary Offering; Plans Stock Buyback
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INC Research Holdings, Inc. (Nasdaq: INCR) announced that certain of its existing stockholders, namely affiliates of Avista Capital Partners, L.P. and affiliates of Ontario Teachers’ Pension Plan, intend to offer for sale in an underwritten secondary offering 4,500,000 shares of the Company’s common stock (the “Offering”) pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission (“SEC”). INC Research will not receive any proceeds from the sale of the shares by the selling stockholders in the Offering.
In addition, INC Research has entered into an agreement with the selling stockholders referenced above to repurchase 1,500,000 shares of common stock from the selling stockholders in a private transaction under the stock repurchase program authorized by INC Research’s board of directors in July 2016, concurrently with the closing of the Offering. INC Research expects to fund the share repurchase with borrowings under its revolving credit facility. The share repurchase is subject to the completion of the Offering. The closing of the Offering is not contingent on the closing of the share repurchase.
Credit Suisse Securities (USA) LLC is acting as the sole underwriter of the Offering.
An automatic shelf registration statement (including a prospectus) relating to the offering of common stock was filed with the SEC on December 1, 2015 and became effective upon filing. Before you invest, you should read the registration statement, prospectus, prospectus supplement and other documents INC Research has made available with the SEC for information about INC Research and the Offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus and accompanying prospectus supplement, when available, may be obtained from: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, phone: 800-221-1037, email: email@example.com.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings, Stock Buybacks
Related EntitiesCredit Suisse, Stock Buyback, Earnings
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