Advanced Drainage announces offering of 7.5M shares of common stock
Advanced Drainage Systems announced it has launched an underwritten public offering of 7.5M shares of its common stock. The compnay intends to use the net proceeds from this offering for the repayment of a portion of the outstanding borrowings under its existing senior secured credit facility, with the remaining proceeds being used for general corporate purposes. Such borrowings were incurred to finance the previously announced acquisition of Infiltrator Water Technologies Ultimate Holdings. Barclays, Morgan Stanley, Baird, BofA Merrill Lynch and PNC Capital Markets are acting as joint book-running managers and Boenning & Scattergood is acting as co-manager in connection with the offering.