Dun & Bradstreet Announces Closing Of Its Initial Public Offering And Exercise In Full Of Option To Purchase Additional Shares

Rhea-AI Summary

Dun & Bradstreet has successfully closed its initial public offering (IPO) of 90,047,612 shares at $22.00 per share, generating gross proceeds of approximately $2.38 billion. The IPO was completed on July 6, 2020, following its trading debut on the NYSE under ticker symbol 'DNB' on July 1, 2020. The company utilized part of the proceeds to redeem all Series A Preferred Stock and repay a portion of its Senior Unsecured Notes due in 2027. The remaining funds will be used as outlined in the IPO prospectus.

Positive

• Raised approximately $2.38 billion in gross proceeds from the IPO.
• Redeemed all outstanding Series A Preferred Stock, improving financial structure.
• Repayed a portion of high-interest debt, enhancing balance sheet.

Negative

• Shareholder dilution concerns due to the significant number of shares issued in the IPO.

SHORT HILLS, N.J., July 6, 2020 /PRNewswire/ -- Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet") (NYSE: DNB) today announced the closing of its previously announced initial public offering of 90,047,612 shares of common stock, which includes 11,745,340 shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full. The offering was priced at $22.00 per share, resulting in gross proceeds of $2,381,047,464 when combined with the $400,000,000 aggregate proceeds from the concurrent private placement and before deducting underwriting discounts and commissions and other offering expenses payable by Dun & Bradstreet. Dun & Bradstreet's shares of common stock began trading on the New York Stock Exchange under the ticker symbol "DNB" on July 1, 2020.

Following the closing of the offering and concurrent private placement, Dun & Bradstreet used a portion of the net proceeds therefrom to redeem all of its outstanding Series A Preferred Stock and repay a portion of its 10.250% Senior Unsecured Notes outstanding due 2027. Dun & Bradstreet intends to use the remaining net proceeds as set forth in the prospectus relating to the initial public offering.

Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Barclays acted as joint lead book running managers and representatives of the underwriters for the offering. Citigroup, Credit Suisse, HSBC, Jefferies, RBC Capital Markets, Wells Fargo Securities, Deutsche Bank Securities, BMO Capital Markets, SunTrust Robinson Humphrey and TD Securities also acted as book-running managers for the offering. William Blair, Raymond James, Stephens Inc., Academy Securities and Loop Capital Markets acted as co-managers for the offering.

A registration statement relating to the offering was declared effective by the Securities Exchange Commission on June 30, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from:

• Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com;
• BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, attention: Prospectus Department, or via email: dg.prospectus_requests@bofa.com; 
• J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204, or by email at prospectus-eq_fi@jpmorganchase.com; or
• Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847, or by email at barclaysprospectus@broadridge.com.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.

About Dun & Bradstreet

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet's Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity.

Forward-Looking Statements

This Press Release contains forward-looking statements, including, without limitation, statements concerning the conditions of our industry and our operations, performance and financial condition, including in particular, statements relating to our business, growth strategies, product development efforts and future expenses. All statements regarding the Company other than statements of historical fact or relating to present facts or current conditions included in this Press Release are forward-looking statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance.

Forward-looking statements in this Press Release are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the following: an outbreak of disease, global or localized health pandemic or epidemic, or the fear of such an event (such as the COVID-19 global pandemic), including the global economic uncertainty and measures taken in response; the short- and long-term effects of the COVID-19 global pandemic, including the pace of recovery or any future resurgence; our ability to implement and execute our strategic plans to transform the business; our ability to develop or sell solutions in a timely manner or maintain client relationships; competition for our solutions; harm to our brand and reputation; unfavorable global economic conditions; risks associated with operating and expanding internationally; failure to prevent cybersecurity incidents or the perception that confidential information is not secure; failure in the integrity of our data or the systems; experiencing system failures and personnel disruptions, which could delay the delivery of our solutions to our clients; losing access to data sources; failure of our software vendors and network and cloud providers to perform as expected or if our relationship is terminated; loss or diminution of one or more of our key clients, business partners or government contracts; dependence on strategic alliances, joint ventures and acquisitions to grow our business; our ability to protect our intellectual property adequately or cost-effectively; claims for intellectual property infringement; interruptions, delays or outages to subscription or payment processing platforms; risks related to acquiring and integrating businesses and divestitures of existing businesses; ability to retain members of the senior leadership team and attract and retain skilled employees; and compliance with governmental laws and regulations. Additional factors or events that could cause our actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. These factors include but are not limited to those described under "Risk Factors" in Dun & Bradstreet's registration statement relating to the offering. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of operations, future performance and business may vary in material respects from the performance projected in these forward-looking statements.

Any forward-looking statement made by us in this Press Release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. The underwriters and their affiliates (collectively, the "Underwriters") have not conducted any investigation with respect to the information in this Press Release, and the Underwriters and the Company expressly disclaim any and all liability for representations, expressed or implied, contained in, or for omissions from, this Press Release or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company. Only those particular representations and warranties that may be made by the Company in a definitive written agreement, when and if one is executed, and subject to such limitations and restrictions as may be specified in such agreement, shall have any legal effect. Certain information contained in this Press Release has been obtained from sources outside of the Company. While such information is believed to be reliable for the purposes used herein, neither the Company nor any of its affiliates, directors, officers, members, employees, agents or advisors assume any responsibility for the accuracy of such information.

For more information, contact:

Media Contact:
Lisette Kwong
973-921-6263
KwongL@dnb.com

Investor Contact:
Debra McCann
IR@dnb.com

 

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SOURCE Dun & Bradstreet

FAQ

What was the share price for Dun & Bradstreet's IPO?

Dun & Bradstreet's IPO was priced at $22.00 per share.

How much did Dun & Bradstreet raise from its IPO?

Dun & Bradstreet raised gross proceeds of approximately $2.38 billion from its IPO.

When did Dun & Bradstreet start trading on the NYSE?

Dun & Bradstreet began trading on the NYSE under the ticker symbol 'DNB' on July 1, 2020.

What did Dun & Bradstreet use the proceeds from the IPO for?

Dun & Bradstreet used part of the IPO proceeds to redeem Series A Preferred Stock and repay part of its 10.250% Senior Unsecured Notes due 2027.

What are the implications of the IPO for shareholders of DNB?

While the IPO raised significant capital, it may lead to shareholder dilution due to the large number of shares issued.