Platform Specialty Products Corporation Announces Closing of Public Offering of Common Stock
September 21 2016 - 4:20PM
Platform Specialty Products Corporation (NYSE:PAH) (“Platform”)
today announced the closing of its previously-announced
underwritten public offering of 48,787,878 shares of its common
stock at a public offering price of $8.25 per share. This number
includes 6,363,636 shares sold to the underwriters upon exercise in
full of their option to purchase additional shares. This offering
resulted in gross proceeds to Platform of approximately $402.5
million, before deducting underwriting discounts and commissions
and offering expenses payable by Platform. All of the shares of
common stock sold in the offering were sold by Platform. In
connection with the offering, Platform’s Chairman, Martin E.
Franklin, and Berggruen Holdings, Ltd. each purchased 1,050,000
shares of Platform’s common stock. Nicolas Berggruen, a director of
Platform, is one of the directors of Berggruen Holdings, Ltd.
Platform intends to use the net proceeds from the offering for
general corporate purposes, including, but not limited to, the
alternative settlement of certain obligations relating to
Platform’s shares of Series B convertible preferred stock.
Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and
UBS Securities LLC acted as joint book-running managers for the
offering. Nomura Securities International, Inc., Deutsche Bank
Securities Inc., HSBC Securities (USA) Inc., Citizens Capital
Markets, Inc., Credit Agricole Securities (USA) Inc., Morgan
Stanley & Co. LLC, BTIG, LLC and CJS Securities, Inc., acted as
co-managers for the offering.
A shelf registration statement on Form S-3 relating to the
shares of common stock offered in the public offering described
above was filed with the Securities and Exchange Commission (the
“SEC”) on July 12, 2016, and declared effective by the SEC on July
26, 2016. The offering of the shares of common stock was made only
by means of a prospectus supplement. A final prospectus supplement,
dated September 15, 2016, and the accompanying prospectus related
to the offering are available on the SEC’s website
at http://www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus may also be obtained
from Credit Suisse at Credit Suisse Securities (USA) LLC,
Attention: Prospectus Department, One Madison Avenue, New York, NY
10010, telephone: 1-800-221-1037, email:
newyork.prospectus@credit-suisse.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Platform
Platform is a global, diversified producer of high-technology
specialty chemicals and a provider of technical services. The
business involves the formulation of a broad range of
solutions-oriented specialty chemicals, which are sold into
multiple industries, including agricultural, animal health,
electronics, graphic arts, plating, and offshore oil and gas
production and drilling.
Forward-looking Statements
This press release contains forward-looking statements,
including, but not limited to, statements regarding Platform's use
of proceeds of this offering. Actual results could differ from
those projected in any forward-looking statements due to numerous
factors. Such factors include, among others, market and other
general economic conditions and Platform's future availability of
equity or debt financing needed to fund its growing business. These
forward-looking statements are made as of the date of this press
release and Platform assumes no obligation to update such
forward-looking statements or to update the reasons why actual
results could differ from those projected in such forward-looking
statements. Investors should refer to the risk factors set forth in
the registration statement filed by Platform with the SEC on July
12, 2016, as amended and/or supplemented, and periodic reports and
other documents filed by Platform with the SEC, including
Platform's annual report on Form 10-K for the fiscal year ended
December 31, 2015, and its quarterly reports on Form 10-Q for the
fiscal quarters ended March 31, 2016 and June 30, 2016.
CONTACT:
Investor Relations Contact:
Carey Dorman
Director — Corporate Development
Platform Specialty Products Corporation
1-561-406-8465
Media Contact:
Liz Cohen
Weber Shandwick
1-212-445-8044
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