EVO Payments Inc (NASDAQ: EVOP) reported an offering of 6.022 million shares. The Atlanta-based company says the offering includes includes 6,000,000 shares of Class A common stock offered by the Company and 22,225 shares offered by two individual selling stockholders pursuant to a registration statement filed on Form S-1 with the U.S. Securities and Exchange Commission.
EVO also intends to grant the underwriter a 30-day option to purchase up to 903,333 additional shares of Class A common stock.
The Company intends to use all of the net proceeds received by the Company from the sale of shares of its Class A common stock in the proposed offering (other than shares sold pursuant to the underwriter’s option to purchase additional shares) to purchase LLC interests in EVO Investco, LLC and paired shares of the Company’s Class D common stock from funds affiliated with Madison Dearborn Partners, LLC at a purchase price per LLC interest and paired share of Class D common stock equal to the public offering price per share of Class A common stock less underwriting discounts and commissions.
EVO LLC anticipates that it will use any net proceeds from the sale of LLC interests to the Company to repay borrowings under the Company’s senior secured credit facilities. The selling stockholders will receive all of the net proceeds from the sale of shares of Class A common stock sold by them in the proposed offering.
J.P. Morgan Securities LLC is acting as the sole underwriter of the proposed offering.
Shares surrendered $2.44, or 9.3%, to $23.80
