Turning Point to price IPO of 5.4 million shares between $13 and $15

Bookrunners Cowen, FBR assist; Standard General, Fort George to invest

By Devika Patel

Knoxville, Tenn., April 28 – Turning Point Brands, Inc. will sell 5.4 million common shares in its initial public offering with a 30-day over-allotment option of 810,000 additional shares, according to a Form S-1/A filed Thursday with the Securities and Exchange Commission. The company has registered up to $93.15 million of stock for the deal, which was announced on Nov. 5.

The shares will be sold at a price expected to fall between $13.00 and $15.00 per share.

Cowen and Co. and FBR are the bookrunners.

Funds managed by Standard General LP and Fort George Investments, LLC intend to participate.

The company expect to use the proceeds to repurchase some 7% senior PIK toggle notes due 2023 and related warrants issued by subsidiary Intrepid Brands LLC, to repay up to $81 million of debt under its second-lien credit facility. Funds may also be used for working capital and general corporate purposes.

The Louisville, Ky., company sells tobacco products. It intends to list its common stock on the New York Stock Exchange under the symbol “TPB.”

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