Non-brokered deal for growth, acquisitions, working capital
By Jennifer Chiou
New York, April 15 - Swisher Hygiene Inc. announced that it entered into several arm's-length securities purchase agreements with funds of a financial institution to privately place 9,857,143 of its shares at $7.70 each.
Proceeds from the $75.9 million non-brokered offering will be used to further the company's organic and acquisition growth strategy, as well as for working capital purposes.
The $7.70 per-share price represents a 21.83% discount to the closing share price of $9.85 on Friday.
The shares in the placement are subject to U.S. securities law resale restrictions and an agreement prohibiting any sale or transfer of the acquired shares through July 24. After that time, Swisher Hygiene said it has agreed to use commercially reasonable efforts to file a resale registration statement with the Securities and Exchange Commission.
Swisher is a Charlotte, N.C., provider of hygiene services.
| Issuer: | Swisher Hygiene Inc.
|
| Issue: | Common shares
|
| Amount: | $75.9 million
|
| Shares: | 9,857,143
|
| Price: | $7.70
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Announcement date: | April 15
|
| Stock symbol: | Nasdaq: SWSH
|
| Stock price: | $9.85 at close April 15
|
| Market capitalization: | $1.46 billion
|
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