Agiliti Announces Pricing of Initial Public Offering

Rhea-AI Summary

Agiliti, Inc. (NYSE:AGTI) announced its initial public offering (IPO) of 26,315,789 shares at $14 per share, aiming to close on April 27, 2021. The underwriters hold a 30-day option for an additional 3,947,368 shares. Proceeds will be used to repay outstanding borrowings related to its credit facilities. The offering is set to begin trading on the NYSE on April 23, 2021. Leading managers include BofA Securities and Goldman Sachs, with various co-managers involved.

Positive

• Initial public offering of 26,315,789 shares raises capital at $14 per share.
• Net proceeds intended to reduce outstanding borrowings, improving balance sheet.

Negative

• Possible dilution of shares due to additional 3,947,368 shares underwriters can purchase.

Agiliti, Inc. (NYSE:AGTI) (“Agiliti”), an essential service provider to the U.S. healthcare industry, today announced the pricing of its underwritten initial public offering of 26,315,789 shares of common stock at a price to the public of $14 per share. In connection with this offering, Agiliti has granted the underwriters a 30-day option to purchase up to an additional 3,947,368 shares of common stock at the initial public offering price less the underwriting discount. The shares are expected to begin trading on the New York Stock Exchange on April 23, 2021 under the symbol “AGTI.” The initial public offering is expected to close on April 27, 2021, subject to the satisfaction of customary closing conditions.

Agiliti intends to use the net proceeds of this offering to repay outstanding borrowings and related fees and expenses, under its credit facilities.

BofA Securities, Inc. and Goldman Sachs & Co. LLC are acting as lead joint bookrunning managers and representatives of the underwriters for the offering. Morgan Stanley & Co. LLC and BMO Capital Markets Corp., are acting as joint bookrunning managers for the offering. Citigroup Global Markets Inc., Jefferies LLC and UBS Securities LLC are acting as bookrunning managers for the offering. KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., Mischler Financial Group, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers.

The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained, when available, from:

• BofA Securities, Inc., 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001 Attn: Prospectus Department or by email at dg.prospectus_requests@bofa.com; or
• Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by email at prospectus-ny@ny.email.gs.com.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on April 22, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Agiliti

Agiliti is an essential service provider to the U.S. healthcare industry with solutions that help support a more efficient, safe and sustainable healthcare delivery system. Agiliti serves more than 7,000 national, regional and local acute care and alternate site providers across the U.S. For more than eight decades, Agiliti has delivered medical equipment management and service solutions that help healthcare providers reduce costs, increase operating efficiencies and support optimal patient outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210422006204/en/

FAQ

What are the details of Agiliti's IPO?

Agiliti's IPO involves 26,315,789 shares priced at $14 each, expected to close on April 27, 2021.

What will Agiliti do with the proceeds from the IPO?

The proceeds will be used to repay outstanding borrowings and related expenses.

When will Agiliti's shares start trading?

Agiliti's shares are expected to begin trading on the NYSE on April 23, 2021, under the symbol AGTI.

Who are the underwriters for Agiliti's IPO?

BofA Securities and Goldman Sachs are the lead underwriters, with several co-managers participating.

What is the risk associated with Agiliti's IPO?

One risk is the potential dilution of shares if underwriters exercise their option for additional shares.