ALTA greenshoe brings $25-par 10% cumulative preferreds to $30 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Underwriters for ALTA Equipment Group Inc.’s 10% series A cumulative perpetual preferred stock exercised in full the deal’s greenshoe of $250,000, or 10,000 shares, increasing the total deal size to $30 million, of 1.2 million, shares, according to a news release.

The company priced $29.75 million, or 1.19 million shares, of the preferred stock on Dec. 18, as previously reported.

B. Riley Securities, D.A. Davidson & Co., Ladenburg Thalmann Co. Inc. and William Blair & Co. LLC are the bookrunners.

The lead manager is Boenning & Scattergood, Inc.

Dividends are payable on Jan. 31, April 30, July 31 and Oct. 31, starting on April 30, 2021.

The preferreds are redeemable on or after Dec. 22, 2025 at par. Prior to that, the preferreds are redeemable after a change of control or delisting event at par.

ALTA plans to use the proceeds to continue to fund its growth, including future acquisitions and investments and for general corporate purposes.

ALTA is a Livonia, Mich.-based integrated equipment services company.

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