Diversey Announces Pricing of Follow-on Offering of Ordinary Shares

Rhea-AI Summary

Diversey Holdings, Ltd. (NASDAQ: DSEY) announced the pricing of a public follow-on offering of 15 million ordinary shares at $15.00 per share. The underwriters have a 30-day option to purchase an additional 2.25 million shares. Proceeds from the offering will be used for general corporate purposes, including capital expenditures and potential acquisitions. The offering is expected to close on November 15, 2021, pending customary closing conditions. Major financial institutions are managing the offering, and the registration statement was declared effective by the SEC on November 10, 2021.

Positive

• Public follow-on offering of 15 million shares priced at $15.00, allowing for potential capital influx.
• Proceeds aimed for corporate purposes, including growth opportunities and strategic transactions.

Negative

• Potential shareholder dilution due to the public offering.
• Market dependency on successful completion of the offering and prevailing market conditions.

FORT MILL, S.C., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Diversey Holdings, Ltd. (NASDAQ: DSEY), a leading provider of hygiene, infection prevention and cleaning solutions, today announced the pricing of a public follow-on offering of 15,000,000 ordinary shares at $15.00. Diversey also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares on the same terms and conditions. Diversey currently intends to use the net proceeds from the proposed offering for general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions. The offering is expected to close on November 15, 2021, subject to customary closing conditions.

Citigroup, Morgan Stanley and J.P. Morgan are acting as lead book-running managers for the offering. BofA Securities, Barclays, Credit Suisse, Goldman Sachs & Co. LLC, Jefferies, RBC Capital Markets, UBS Investment Bank, Baird and Guggenheim Securities are also acting as book-running managers. Siebert Williams Shank is acting as a co-manager of the offering.

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities was filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”) on November 10, 2021. Copies of the registration statement can be accessed by visiting the SEC’s website at www.sec.gov. 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.

Cautionary Statements Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include, but are not limited to, the timing, size and completion of the proposed public offering of common stock. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the proposed offering, and other risks and uncertainties related to the offering, Diversey and its business as set forth in Diversey’s registration statement on Form S-1 filed with the SEC on November 8, 2021 and the preliminary prospectus included therein, as well as the other documents Diversey files from time to time with the SEC. These documents contain and identify important factors that could cause the actual results for Diversey to differ materially from those contained in Diversey’s forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Diversey specifically disclaims any obligation to update any forward-looking statement, except as required by law.

About Diversey

Diversey’s mission is to protect and care for people through leading hygiene, infection prevention, and cleaning solutions. We develop and deliver innovative products, services, and technologies that save lives and protect our environment. Over the course of 95 years, the Diversey brand has become synonymous with product quality, service, and innovation.

Investor Contact:
Grant Graver
ir@diversey.com

FAQ

What are the details of Diversey Holdings' public offering on November 10, 2021?

Diversey Holdings announced a public follow-on offering of 15 million ordinary shares at $15.00 each, with a 30-day option for underwriters to purchase an additional 2.25 million shares. The offering is expected to close on November 15, 2021.

How will Diversey Holdings use the proceeds from the offering?

The proceeds will be used for general corporate purposes, which may include capital expenditures, potential acquisitions, and growth opportunities.

What is the impact of the public offering on shareholders of DSEY?

The public offering may lead to shareholder dilution, as more shares will be available in the market. Investors should assess market conditions and the timing of the offering's completion.

Who are the lead managers for Diversey's stock offering?

Citigroup, Morgan Stanley, and J.P. Morgan are acting as lead book-running managers for the offering.