Offering sells 6,956,522 shares at $11.50 with $12 million greenshoe
By Devika Patel
Knoxville, Tenn., May 17 - Pike Electric Corp. priced an $80 million secondary offering of stock with a $12 million greenshoe in a prospectus supplement filed Friday with the Securities and Exchange Commission.
The selling shareholder will sell 6,956,522 common shares at $11.50 apiece. The price per share reflects a 3.2% discount to the May 16 closing share price of $11.88.
J.P. Morgan, BofA Merrill Lynch, BB&T Capital Markets, FBR, Janney Montgomery Scott, KeyBanc Capital Markets and Stifel are assisting.
Settlement is expected on May 21.
Pike Electric, based in Mount Airy, N.C., provides outsourced electric distribution and transmission services in the United States.
| Issuer: | Pike Electric Corp.
|
| Issue: | Common stock
|
| Amount: | $80 million
|
| Greenshoe: | $12 million
|
| Shares: | 6,956,522
|
| Price: | $11.50
|
| Warrants: | No
|
| Pricing date: | May 17
|
| Settlement date: | May 21
|
| Stock symbol: | NYSE: PIKE
|
| Stock price: | $11.88 at close May 16
|
| Market capitalization: | $444.69 million
|
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