Bookrunner Raymond James, co-managers Canaccord, Craig-Hallum assist
By Devika Patel
Knoxville, Tenn., Jan. 17 - Orbcomm Inc. said it priced a $33.83 million public sale of stock with a $5.07 million greenshoe. The deal was announced Thursday.
The company will sell 5.5 million common shares at $6.15 apiece. The price per share is a 9.43% discount to the Jan. 16 closing share price of $6.79.
Raymond James & Associates, Inc. is the bookrunning manager.
Settlement is expected Jan. 23.
Proceeds will be used for acquisitions, growth opportunities and general corporate purposes, including investments, debt repayment, working capital and capital expenditures.
Orbcomm is a Fort Lee, N.J., satellite data communications company.
| Issuer: | Orbcomm Inc.
|
| Issue: | Common stock
|
| Amount: | $33,825,000
|
| Greenshoe: | $5,073,750
|
| Shares: | 5.5 million
|
| Price: | $6.15
|
| Warrants: | No
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Co-managers: | Canaccord Genuity Inc. and Craig-Hallum Capital Group LLC
|
| Announcement date: | Jan. 16
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Stock symbol: | Nasdaq: ORBC
|
| Stock price: | $6.79 at close Jan. 16
|
| Market capitalization: | $312.42 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
