Core & Main Announces Upsize and Pricing of Secondary Offering

Rhea-AI Summary

Core & Main, Inc. (NYSE: CNM) announced an increase in the size of its secondary public offering from 10 million to 11 million shares of Class A common stock, priced at $23.75 per share. The underwriter, Goldman Sachs & Co. LLC, has a 30-day option to purchase an additional 1.65 million shares. Core & Main will not receive proceeds from this offering, which is expected to close on September 19, 2022. This offering does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where it would be unlawful.

Positive

• Offering increased by 1 million shares, indicating strong demand.
• Underwriter has option to purchase additional shares, potentially enhancing liquidity.

Negative

• Core & Main will not receive any proceeds from the offering, limiting immediate financial benefit.

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, announced the upsize and pricing of the previously announced underwritten secondary public offering by certain selling stockholders. The size of the offering increased from the previously announced 10,000,000 shares to an aggregate of 11,000,000 shares of its Class A common stock at a public offering price of $23.75 per share. The selling stockholders have granted the underwriter a 30-day option to purchase up to an additional 1,650,000 shares of Core & Main’s Class A common stock. Core & Main is not offering any shares of Class A common stock in the offering and will not receive any proceeds from the offering. The offering is expected to close on September 19, 2022, subject to customary closing conditions.

Goldman Sachs & Co. LLC is acting as the sole underwriter for the offering.

The offering is being made only by means of a prospectus supplement and related prospectus. Copies 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.

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 4,100 associates are committed to helping their communities thrive with safe and sustainable infrastructure.

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/20220915006164/en/

Investor Relations:

Robyn Bradbury, 314-995-9116

InvestorRelations@CoreandMain.com

Source: Core & Main, Inc.

FAQ

What is the latest news about Core & Main's stock offering (CNM)?

Core & Main announced an increase in its secondary public offering from 10 million to 11 million shares at $23.75 per share.

When is the closing date for Core & Main's stock offering?

The offering is expected to close on September 19, 2022.

Who is the underwriter for Core & Main's stock offering (CNM)?

Goldman Sachs & Co. LLC is the sole underwriter for the offering.

What are the implications of Core & Main's secondary offering for investors?

Core & Main will not receive proceeds from the offering, which may not directly benefit its financial position.

How many shares are being offered in Core & Main's secondary offering (CNM)?

A total of 11 million shares of Class A common stock are being offered, with an option for an additional 1.65 million shares.