Shares sold at $10.00 apiece; proceeds pay down $25.5 million of debt
By Devika Patel
Knoxville, Tenn., July 27 - Tangoe, Inc. reported plans for its $75 million initial public offering of stock, which priced Tuesday, in a Wednesday prospectus filing with the Securities and Exchange Commission. It expects the shares to trade on the Nasdaq exchange under the symbol "TNGO."
The company will sell 7.5 million common shares at $10.00 per share.
Deutsche Bank Securities, Stifel Nicolaus Weisel, Lazard Capital Markets, Oppenheimer & Co., Raymond James and Signal Hill are the underwriters.
The company will use about $25.5 million of the proceeds to pay down in full the balances on its senior secured term loan and revolving credit facilities. The remaining proceeds will be used for working capital and other general corporate purposes, which may include financing growth, developing new solutions and funding capital expenditures, acquisitions and investments.
Tangoe is an Orange, Conn., provider of communications lifecycle management software and related services.
Issuer: | Tangoe, Inc.
|
Issue: | Common stock
|
Amount: | $75 million
|
Shares: | 7.5 million
|
Price: | $10.00
|
Warrants: | No
|
Underwriters: | Deutsche Bank Securities, Stifel Nicolaus Weisel, Lazard Capital Markets, Oppenheimer & Co., Raymond James and Signal Hill
|
Pricing date: | July 26
|
Stock symbol: | Nasdaq: TNGO
|
© 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.