Deal has $12.11 million greenshoe; proceeds fund corporate purposes
By Devika Patel
Knoxville, Tenn., March 13 - Silver Spring Networks, Inc. priced an $80.75 million initial public offering of stock with a $12.11 million greenshoe. It expects its shares to trade on the New York Stock Exchange under the symbol "SSNI."
The company will sell 4.75 million common shares at $17.00 apiece, according to a prospectus filed Wednesday with the Securities and Exchange Commission.
Settlement is expected March 18.
Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC are the joint bookrunning managers.
The company also plans a concurrent $12 million private placement of stock at the same price per share. In that deal, Foundation Capital will purchase 705,881 shares.
Proceeds will be used for general corporate purposes, including working capital and potential acquisitions.
The Redwood City, Calif., company provides a networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid.
| Issuer: | Silver Spring Networks, Inc.
|
| Issue: | Common stock
|
| Amount: | $80.75 million
|
| Greenshoe: | $12,112,500
|
| Shares: | 4.75 million
|
| Price: | $17.00
|
| Warrants: | No
|
| Bookrunners: | Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC
|
| Co-managers: | Piper Jaffray & Co., Stifel, Nicolaus & Co., Inc., Robert W. Baird & Co., Canaccord Genuity Inc., Evercore Group LLC and Pacific Crest Securities LLC
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Expected stock symbol: | NYSE: SSNI
|
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