DXP Enterprises Announces Pricing of Public Offering of Common Stock
October 25 2016 - 10:39PM
Business Wire
DXP Enterprises, Inc. (NASDAQ:DXPE) today announced that
it has priced a primary public offering of 2,160,000 shares of its
common stock at a public offering price of $19.70 per share. The
size of the offering was decreased by 540,000 shares of common
stock from the previously announced offering size of 2,700,000
shares. In connection with the offering, DXP granted the
underwriter a 30-day option to purchase up to an additional 324,000
shares of common stock on the same terms. DXP intends to use the
net proceeds from this offering to pay down outstanding borrowings
under its credit facility. The offering is expected to close on
October 31, 2016, subject to customary closing conditions.
Stephens Inc. is serving as the sole book-running manager for
the offering and William Blair & Company, L.L.C. and KeyBanc
Capital Markets Inc. are serving as co-managers for the
offering.
This press release does not constitute an offer to sell or the
solicitation of offers to buy any securities of DXP being offered,
and shall not constitute an offer, solicitation or sale of any
security in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
This offering is being made pursuant to an effective shelf
registration statements on Form S-3 previously filed by the Company
with the Securities and Exchange Commission (the “SEC”). Before
investing, investors should read the prospectus in those
registration statements and the related prospectus supplement to be
filed with the SEC for more complete information about the Company
and the offering. Copies of the prospectus supplement and the
accompanying prospectus will be available by visiting the SEC’s
website at www.sec.gov or from
Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201,
Attn: Prospectus Department (1-800-643-9691).
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service
distributor that adds value and total cost savings solutions to
industrial customers throughout the United States, Canada, Mexico
and Dubai. DXP provides innovative pumping solutions, supply chain
services and maintenance, repair, operating and production ("MROP")
services that emphasize and utilize DXP’s vast product knowledge
and technical expertise in rotating equipment, bearings, power
transmission, metal working, industrial supplies and safety
products and services. DXP's breadth of MROP products and service
solutions allows DXP to be flexible and customer-driven, creating
competitive advantages for our customers. DXP’s business segments
include Service Centers, Innovative Pumping Solutions and Supply
Chain Services.
The Private Securities Litigation Reform Act of 1995 provides a
“safe-harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made by or to be made
by the Company) contains statements that are forward-looking. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future; and accordingly, such results may differ from those
expressed in any forward-looking statement made by or on behalf of
the Company. These risks and uncertainties include, but are not
limited to; ability to obtain needed capital, dependence on
existing management, leverage and debt service, domestic or global
economic conditions, and changes in customer preferences and
attitudes. In some cases, you can identify forward-looking
statements by terminology such as, but not limited to, “may,”
“will,” “should,” “intend,” “expect,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “goal,” or
“continue” or the negative of such terms or other comparable
terminology. For more information, review the Company’s filings
with the Securities and Exchange Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161025006891/en/
Mac McConnell, 713-996-4700Senior Vice President, Finance &
CFOwww.dxpe.com
DXP Enterprises (NASDAQ:DXPE)
Historical Stock Chart
From Mar 2024 to Apr 2024
DXP Enterprises (NASDAQ:DXPE)
Historical Stock Chart
From Apr 2023 to Apr 2024