Symetra Financial Corp. Announces Pricing of Initial Public Offering
Symetra Financial Corporation (the Company or Symetra) announced today the pricing of its initial public offering of its common stock at $12.00 per share. The offering will consist of 20,699,510 primary shares to be sold by the Company, and 9,700,490 secondary shares to be sold by existing stockholders. Affiliates of White Mountains Insurance Group, Ltd. and Berkshire Hathaway Inc., who led the investor group that formed Symetra in 2004, are not selling any shares in the offering.
Symetra common stock will begin trading on the New York Stock Exchange on Jan. 22, 2010 under the ticker symbol “SYA.” The offering is expected to close on or about Jan. 27, 2010.
The Company intends to use the net primary proceeds from the offering for general corporate purposes, which may include contributions of capital to its insurance and other subsidiaries. [Read the full article]
Cellu Tissue Holdings, Inc. (“Cellu Tissue”) has priced its initial public offering of 8,300,000 shares of its common stock at $13.00 per share. Cellu Tissue’s common shares are expected to begin trading on January 22, 2010 on the New York Stock Exchange under the ticker symbol “CLU.”
In the offering, Cellu Tissue will sell 2,675,000 shares, while existing stockholders will sell 5,625,000 shares. The underwriters have a 30-day option to purchase up to an additional 1,245,000 shares from the selling stockholders. Cellu Tissue will not receive any of the proceeds from the sale of shares by the selling stockholders.
Cellu Tissue intends to use the net proceeds it receives from the offering to pay down existing indebtedness, including potentially, but not limited to, redeeming or repurchasing a portion of its outstanding senior secured notes, and repaying its outstanding acquisition promissory note.
Goldman, Sachs & Co. [Read the full article]
Libbey Inc. (NYSE Amex: LBY) (“Libbey” or “Company”) announced today that its wholly owned subsidiary Libbey Glass Inc. (“Libbey Glass”) plans to issue $400.0 million aggregate principal amount of senior secured notes due 2015 (“Notes”) in a private placement. Libbey Glass intends to use the net proceeds from the sale of the Notes, together with cash on hand, to (i) repurchase its existing $306 million Floating Rate Senior Secured Notes due 2011 in a tender offer expected to launch on January 25, 2010, (ii) repay its $80.4 million Senior Subordinated Secured Payment-in-Kind Notes due 2021 and (iii) pay related fees and expenses. The sale of the Notes is contingent upon the entry into a new $110 million senior secured asset-based revolving credit facility by Libbey Glass and its direct wholly owned subsidiary Libbey Europe B.V., as borrowers, and Libbey and certain of Libbey Glass’ existing and future subsidiaries as guarantors. [Read the full article]
Chesapeake Lodging Trust (the Company) today announced it has priced its initial public offering of 7,500,000 common shares of beneficial interest, $0.01 par value per share, at $20 per share.
The offering is expected to close on January 27, 2010. The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares to cover overallotments, if any. All the shares are being offered by the Company.
Concurrent with the closing of the offering, the Company expects to raise additional proceeds through private placements to Hyatt Corporation, BAMCO, Inc. and certain of its executive officers and trustees on the terms described in the prospectus relating to the offering. [Read the full article]