Company sells common stock at $23.04 per share, preferreds at $24.50
By Devika Patel
Knoxville, Tenn., Jan. 30 - Colfax Corp. completed an $805 million private placement of its series A perpetual convertible preferred stock and common stock on Jan. 24, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced for $680 million on Sept. 12.
The company sold 20,182,293 common shares at $23.04 per share and 13,877,552 preferreds at $24.50 per preferred. The price per common share is identical to the Sept. 9 closing share price of $23.04. The price per preferred is a 6.34% premium to that price.
After three years, the 6% preferreds are convertible into common stock at a conversion rate determined by dividing the liquidation preference by 114% of the liquidation preference.
The investors are BDT CF Acquisition Vehicle, LLC, BDT Capital Partners Fund I, LP, BDT Capital Partners Fund I-A, LP, Mitchell P. Rales, Steven M. Rales and Markel Corp. The BDT investors bought 14,756,945 common shares and 13,877,552 preferreds for $680 million, the Rales investors each bought 2,170,139 common shares for a total of $100 million, and Markel bought 1,085,070 common shares for $25 million.
Colfax is a Fulton, Md.-based industrial pump manufacturing company.
| Issuer: | Colfax Corp.
|
| Issue: | Series A perpetual convertible preferred stock, common shares
|
| Amount: | $805 million
|
| Warrants: | No
|
| Investors: | BDT CF Acquisition Vehicle, LLC, BDT Capital Partners Fund I, LP, BDT Capital Partners Fund I-A, LP (for $680 million), Mitchell P. Rales (for $50 million), Steven M. Rales (for $50 million) and Markel Corp. (for $25 million)
|
| Pricing date: | Sept. 12
|
| Settlement date: | Jan. 24
|
| Stock symbol: | NYSE: CFX
|
| Stock price: | $21.06 at close Sept. 12
|
| Market capitalization: | $1.34 billion
|
|
|
| Common stock
|
| Amount: | $465 million
|
| Shares: | 20,182,293
|
| Price: | $23.04
|
|
|
| Preferreds
|
| Amount: | $340 million
|
| Shares: | 13,877,552
|
| Price: | $24.50
|
| Dividends: | 6%
|
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