Investing
Stock Market Absorbs $500+ Million in Secondaries Today (AAWW, DTG, HUB-B, OCFC, SWSI, VECO)
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The market has just absorbed over $500 million worth of stock in secondary offerings today alone. We have offerings that came from Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW), Dollar Thrifty Automotive Group, Inc. (NYSE: DTG), Hubbell Incorporated (NYSE: HUB-B), OceanFirst Financial Corp. (NASDAQ: OCFC), Superior Well Services, Inc. (NASDAQ: SWSI), and Veeco Instruments Inc. (NASDAQ: VECO).
Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) priced its offering of 4,000,000 shares of common stock at $25.75 per share. Net proceeds are about $98.1 million for general corporate purposes. Morgan Stanley and Goldman Sachs were joint book-running managers, and BB&T Capital Markets, Stephens Inc., and CJS Securities were co-managers.
Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) priced its secondary offering of 5,750,000 shares of common stock at $19.25 per share. Net proceeds are expected to be about $105 million for general corporate purposes. Goldman Sachs and J.P. Morgan were the joint book-running managers.
Hubbell Incorporated (NYSE: HUB-B) priced a secondary offering of 2,600,000 shares of its Class B shares at $43.00 per share via Morgan Stanley and J.P. Morgan as joint book-runners. This raised about $106.5 million for debt repayment and other corporate purposes after the acquisition of FCI Americas, Inc.
OceanFirst Financial Corp. (NASDAQ:OCFC) priced its secondary offering of 5,556,000 shares of common stock at $9.00 per share via Sandler O’Neill and Stifel Nicolaus as joint book-running managers and with Keefe Bruyette & Woods and Sterne Agee & Leach as co-managers. Net proceeds from the offering are about $46.9 million of which a part will be used to repurchase Cumulative Perpetual Preferred Stock sold to the U.S. Treasury under the Capital Purchase Program of the TARP.
Superior Well Services, Inc. (NASDAQ: SWSI) priced its secondary offering of 6,000,000 shares of common stock at $10.50 per share. All of the shares were being offered by the company and generated $63 million in gross proceeds to repay a portion of its debt. BofA Merrill Lynch was the book-running manager of the offering.
Veeco Instruments Inc. (NASDAQ: VECO) has priced its secondary offering of 5,000,000 shares of common stock at $23.75 per share. The $118.8 million in gross proceeds for general corporate purposes via Citi and J.P. Morgan as joint book-running managers with Canaccord Adams and Piper Jaffray as co-managers.
JON C. OGG
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