Quanta Capital underwriter exercises part of greenshoe, raising preferreds to $78.26 million

By Lisa Kerner

Erie, Pa., Jan. 11 - Quanta Capital Holdings Ltd.'s underwriter for its 10¼% series A preferred share offering partially exercised its over-allotment option, raising the deal to $78.26 million, according to a company news release.

As a result, the underwriter purchased an additional 130,525 shares of 10¼% series A preferred stock at the offering price of $25 per share.

The 10¼% series A preferred shares carry a liquidation preference of $25.00 per share and come with five years of call protection.

Quanta Capital originally sold $75 million of the series A perpetual preferred shares on Dec. 15. The underwriters had a 30-day greenshoe to purchase up to 450,000 additional shares.

Including the over-allotment, a total of 3,130,525 10¼% series A preferred shares were sold in the offering. Taken together with the company's recent public offering of common shares, the company realized total net proceeds from both offerings of approximately $134.6 million.

Friedman, Billings, Ramsey & Co., Inc. was bookrunner and BB&T Capital Markets was co-manager for the preferreds, as well as the common share offering.

These proceeds will be used for general corporate purposes.

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