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What are the details?
West Corporation (Nasdaq:WSTC) today announced an underwritten public offering of 7,000,000 shares of common stock by certain of its existing stockholders. All of the shares of common stock in the offering will be sold by investors related to Thomas H. Lee Partners, L.P. and Quadrangle Group LLC.
The selling stockholders anticipate granting an option to the underwriter to purchase an additional 1,050,000 shares owned by them.
The underwriter may offer for sale the shares of common stock from time to time on the Nasdaq Global Select Market, in the over-the-counter market, or in one or more negotiated transactions at a fixed price or prices, which may be changed. Neither the Company nor the Company’s management is selling any shares of common stock in the offering, and the Company will not receive any proceeds from the offering by the selling stockholders.
In addition, the Company announced that it has entered into an agreement with the selling stockholders to repurchase 1,000,000 shares of common stock from the selling stockholders in a private transaction, concurrently with the closing of the offering, at the price at which the shares of common stock are sold to the underwriter in the offering. The closing of the share repurchase is contingent on, and expected to occur simultaneously with, the closing of the offering, subject to the satisfaction of other customary conditions. The closing of the offering is not contingent on the closing of the share repurchase.
The underwriter of the offering is Morgan Stanley.
A shelf registration statement (including prospectus) relating to these securities was filed and became effective with the Securities and Exchange Commission on March 9, 2015. Information about the offering is available in the preliminary prospectus supplement, which will be filed with the SEC today.
West Corporation (Nasdaq:WSTC) is a global provider of communication and network infrastructure solutions. West helps manage or support essential enterprise communications with services that include unified communication services, public safety services, interactive services such as automated notifications, carrier services and agent services.
For over 25 years, West has provided reliable, high-quality, voice and data services. West serves clients in a variety of industries including telecommunications, retail, financial services, public safety, technology and healthcare. West has a global organization with sales and operations in the United States, Canada, Europe, the Middle East, Asia Pacific and Latin America.
