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Gates Industrial Corporation plc (NYSE:GTES, ", Gates", or the ", Company", ))))) announced today the pricing of the previously announced secondary offering of 17,500,000 ordinary shares (the "Offering") by certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders"). The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to 2,625,000 additional ordinary shares. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The Offering is expected to close on February 16, 2024, subject to customary closing conditions.
Gates is not offering any ordinary shares in the Offering and will not receive any proceeds from the sale of ordinary shares in the Offering. Citigroup, Goldman Sachs & Co. LLC, and Jefferies are serving as the joint lead book-running managers of, and as representatives of the underwriters for, the Offering. Barclays, Morgan Stanley, UBS Investment Bank, BMO Capital Markets, Evercore ISI, Mizuho and RBC Capital Markets are also serving as joint book-running managers for the Offering.
In addition, as previously announced, in connection with its existing share repurchase program, Gates has entered into a share repurchase contract with Citigroup Global Markets Inc. to repurchase $50 million of ordinary shares at a price per share equal to the price paid by the underwriters in the Offering, for a total of 4,151,100 ordinary shares, and has advised Citigroup Global Markets Inc. to purchase such shares from the Selling Stockholders. The share repurchase is expected to be consummated promptly following the Offering and is conditioned upon the closing of the Offering. The closing of the Offering is not conditioned upon the consummation of the share repurchase.
Certain of our directors have also indicated an interest in purchasing approximately 1,050,000 ordinary shares in the Offering. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters could determine to sell fewer shares to such individuals in the Offering.
Posted In: GTES
