Dun & Bradstreet Holdings has announced the closing of its previously announced initial public offering of 90 million shares of common stock, which has included 11.7 million shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full, the company reported on Tuesday.
The offering was priced at $22.00 per share, resulting in gross proceeds of $2.4 billion when combined with the $400 million aggregate proceeds from the concurrent private placement and before deducting underwriting discounts and commissions and other offering expenses payable by Dun & Bradstreet.
Following the closing of the offering and concurrent private placement, Dun & Bradstreet used a portion of the net proceeds therefrom to redeem all of its outstanding Series A Preferred Stock and repay a portion of its 10.25 percent Senior Unsecured Notes outstanding due 2027. Dun & Bradstreet has intended to use the remaining net proceeds as set forth in the prospectus relating to the initial public offering.
The company reported the launch of initial public offering in June 2020. The company projected to grant the underwriters a 30-day option to purchase up to an 9.86 additional shares of common stock.
A subsidiary of Cannae, a subsidiary of Black Knight, Inc. and a subsidiary of CC Capital Partners, LLC plan to invest $200 million, $100 million, and $100 million, respectively, in a concurrent private placement of Dun & Bradstreet's common stock. The investments will be contingent upon the consummation of the offering at a price per share equal to 98.5 percent of the initial public offering price.
Dun & Bradstreet has planned to use the proceeds from the offering and the concurrent private placement to redeem all of its outstanding Series A Preferred Stock, repay a portion of its 10.25 percent Senior Unsecured Notes outstanding due 2027 and for working capital and other general corporate purposes.
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