Veritiv (VRTV) Prices 1.57M Share Stock Offering for Proceeds of ~$70.6M

November 18, 2016 5:51 AM EST

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Veritiv Corporation (NYSE: VRTV) announced the pricing of an underwritten public offering of 1,568,000 shares of its common stock by UWW Holdings, LLC, one of its existing stockholders and the former parent company of Unisource Worldwide, Inc., at a public offering price of $45.00 per share. The selling stockholder has granted a 30-day option to the underwriters to purchase up to an additional 188,160 shares from the selling stockholder. The Company is not selling any shares of common stock in the offering, and the Company will not receive any proceeds from the offering by the selling stockholder. Subject to the satisfaction of customary conditions, the offering is expected to close on November 23, 2016.

In addition, as previously announced, the Company has agreed to repurchase 313,600 of the 1,568,000 shares from the underwriters, concurrently with the closing of the offering. The shares will be repurchased at a price of $42.8625 per share, which is the price at which the underwriters will purchase such shares from the selling stockholder, for an aggregate purchase price of approximately $13.4 million. The closing of the share repurchase is contingent on, and expected to occur simultaneously with, the closing of the offering.

BofA Merrill Lynch, SunTrust Robinson Humphrey and Wells Fargo Securities are acting as joint book-running managers of the offering.



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