Core & Main Announces Launch of Secondary Offering

Rhea-AI Summary

Core & Main, Inc. (NYSE: CNM) has announced a secondary public offering of 20,000,000 shares of its Class A common stock by certain selling stockholders, with an option for underwriters to purchase an additional 3,000,000 shares. The company will not receive proceeds from this offering. Leading the offering are Goldman Sachs, Credit Suisse, and J.P. Morgan. A registration statement has been filed with the SEC, but the offering will not be finalized until it becomes effective. Core & Main specializes in products related to water and wastewater services.

Positive

• Launch of a secondary public offering to provide liquidity for selling stockholders.
• Involvement of reputable underwriters like Goldman Sachs, Credit Suisse, and J.P. Morgan.

Negative

• Core & Main will not receive any proceeds from the offering, limiting financial implications for the company.

ST. LOUIS--(BUSINESS WIRE)-- Core & Main, Inc. (NYSE: CNM), a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, today announced the launch of an underwritten secondary public offering of 20,000,000 shares of its Class A common stock by certain selling stockholders. The selling stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Core & Main’s Class A common stock. Core & Main will not receive any proceeds from the offering.

Goldman Sachs & Co. LLC, Credit Suisse and J.P. Morgan are acting as lead book-running managers for the proposed offering.

The proposed offering is being made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from:

• Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing prospectus-ny@ny.email.gs.com;

• Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: 1-800-221-1037, or by emailing usa.prospectus@credit-suisse.com; or

• J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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 Core & Main

Based in St. Louis, Core & Main is a leading specialized distributor of water, wastewater, storm drainage and fire protection products, and related services, to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets nationwide. With approximately 300 locations, the company provides its customers local expertise backed by a national supply chain. Core & Main’s 3,700 associates are committed to helping their communities thrive with safe and sustainable infrastructure. Visit coreandmain.com to learn more.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Core & Main, including those set forth in the Risk Factors section of the registration statement for the offering and the preliminary prospectus included therein, as filed with the SEC. Copies are available on the SEC’s website at www.sec.gov.

Core & Main undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220103005415/en/

Robyn Bradbury

VP, Investor Relations and FP&A

(314) 995–9116

InvestorRelations@CoreandMain.com

Source: Core & Main, Inc.

FAQ

What is the purpose of Core & Main's secondary offering of CNM stock?

The secondary offering aims to provide liquidity for certain selling stockholders, not generating proceeds for Core & Main.

How many shares is Core & Main offering in the public offering?

Core & Main is offering 20,000,000 shares of its Class A common stock, with an additional 3,000,000 shares available to underwriters.

Who are the underwriters for the Core & Main stock offering?

Goldman Sachs, Credit Suisse, and J.P. Morgan are the lead underwriters for the public offering.

Will Core & Main receive funds from the stock offering?

No, Core & Main will not receive any proceeds from the secondary stock offering.

What is the stock symbol for Core & Main?

The stock symbol for Core & Main is CNM.