Ares Upsizes Savers Value Village Secondary Offering to 20M Shares at $10.25
SVV sits 56% above its 52-week low of $6.905.
Summary
Ares funds upsized their secondary offering of Savers Value Village shares from 15M to 20M, pricing at $10.25 — a 4.9% discount to the last close of $10.78. The company is concurrently buying back $10M of the offered shares, a modest offset to the dilution. Underwriters have a 30-day option to purchase up to an additional 3M shares from selling stockholders. This follows strong Q2 results reported last week, but the large block sale by the private equity backers signals an intent to reduce exposure. The offering is expected to close August 13.
At the time of this announcement, SVV was trading at $10.78 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $6.91 to $13.89. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: BusinessWire.