Fortegra Financial Corporation Prices Initial Public Offering of Common Stock
17 Dezember 2010 - 1:08AM
Business Wire
Fortegra Financial Corporation (the “Company”) (NYSE: FRF) today
announced the pricing of its initial public offering of 6,000,000
shares of the Company’s common stock at $11.00 per share. The
shares are expected to begin trading on December 17, 2010 on the
New York Stock Exchange under the symbol “FRF”. The offering is
expected to close on December 22, 2010, subject to completion of
customary closing conditions. Of the shares being sold, 4,265,637
shares are being offered by the Company and 1,734,363 shares are
being offered by selling stockholders, including affiliates of
Summit Partners. In addition, the selling stockholders have granted
the underwriters a 30-day option to purchase up to an additional
900,000 shares at the initial offering price to cover
over-allotments, if any. The Company intends to use the net
proceeds of the offering and borrowings under its revolving credit
facility to repay subordinated indebtedness, redeem its outstanding
preferred stock and pay the conversion amount on its Class A common
stock. The Company will not receive any of the proceeds from the
sale of shares by the selling stockholders.
Piper Jaffray & Co. and SunTrust Robinson Humphrey, Inc. are
the joint book-running managers for the offering; William Blair
& Company, L.L.C., FBR Capital Markets & Co., Keefe,
Bruyette & Woods, Inc. and Macquarie Capital (USA) Inc. are the
co-managers for the offering; and Liquidnet, Inc. is the junior
co-manager for the offering.
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission. A
copy of the final prospectus related to the offering will be filed
with the Securities and Exchange Commission and can be obtained,
when available, by contacting Piper Jaffray & Co., Attention:
Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis,
MN 55402, by telephone: 1-800-747-3924 or by email:
prospectus@pjc.com; and from SunTrust Robinson Humphrey, Inc.,
Attention: Prospectus Department, 3333 Peachtree Road, NE, Atlanta,
GA 30326 and at (404) 926-5744 or prospectus@rhco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the offered shares, nor
shall there be any sale of such shares in any state or other
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or other jurisdiction. This offering
is being made solely by means of a prospectus.
About Fortegra
Fortegra Financial Corporation is an insurance services company
that provides distribution and administration services and
insurance-related products to insurance companies, insurance
brokers and agents and other financial services companies in the
United States. It sells services and products directly to
businesses rather than directly to consumers. Fortegra’s brands
include Life of the South, Consecta and Bliss & Glennon.
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