Jefferies, Oppenheimer, Craig-Hallum Capital Group assist with deal
By Angela McDaniels
Tacoma, Wash., April 23 – Orchids Paper Products Co. priced a public offering of 1.5 million common shares at $23.00 per share for a total of $34.5 million.
The company has granted the underwriters a $5.18 million greenshoe.
The price is a 2.87% discount to the company’s closing share price on April 22.
Jefferies LLC is the bookrunner. Oppenheimer & Co. Inc. and Craig-Hallum Capital Group are the co-managers.
Proceeds from the offering, bank financing and cash on hand will be used to construct and operate a paper mill in Barnwell, S.C., and for general corporate purposes.
Pryor, Okla.-based Orchids is an integrated manufacturer of tissue paper products.
| Issuer: | Orchids Paper Products Co.
|
| Issue: | Common stock
|
| Amount: | $34.5 million
|
| Greenshoe: | $5,175,000
|
| Shares: | 1.5 million
|
| Price: | $23.00
|
| Warrants: | No
|
| Bookrunner: | Jefferies LLC
|
| Co-managers: | Oppenheimer & Co. Inc. and Craig-Hallum Capital Group
|
| Pricing date: | April 23
|
| Settlement date: | April 29
|
| Stock symbol: | NYSE MKT: TIS
|
| Stock price: | $23.68 at close April 22
|
| Market capitalization: | $206.62 million
|
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