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Gates Industrial Stock Slips On Secondary Offering by Selling Stockholders

Published 24/03/2022, 20:38
© Reuters. Gates Industrial Stock Slips On Secondary Offering by Selling Stockholders
GTES
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  • Gates Industrial Corp PLC (NYSE: GTES) announced a secondary offering of 5 million of Gates' ordinary shares, with certain selling stockholders affiliated with Blackstone (NYSE:BX) Inc.
  • Underwriter granted a 30-day option to purchase up to 750,000 additional ordinary shares.
  • Gates is not offering any ordinary shares in the offering and will not receive any proceeds from the sale of ordinary shares in this offering.
  • Additionally, Gates entered into a share repurchase contract with Citigroup (NYSE:C) Global Markets Inc. to repurchase up to 8 million ordinary shares at a price per share equal to the price paid by the underwriter in the offering.
  • Gates intends to fund the share repurchase with cash on hand and borrowings under its revolving credit agreement.
  • GTES held cash and cash equivalents of $658.2 million as of January 1, 2022.
  • Price Action: GTES shares are trading lower by 4.41% at $15.40 during the post-market session on Thursday.

Read at Benzinga

Read the original article on Benzinga

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