Post Holdings Announces Pricing of Post Holdings Partnering Corporation’s Initial Public Offering

Rhea-AI Summary

Post Holdings, Inc. (NYSE:POST) announced the pricing of Post Holdings Partnering Corporation's (PHPC) IPO, set at 30,000,000 units priced at $10.00 each. PHPC Sponsor, LLC plans to purchase 4,000,000 units, and underwriters have a 45-day option for an additional 4,500,000 units. Units consist of Series A common stock and redeemable warrants, listing under ticker PSPC.U on the NYSE starting May 26, 2021. The offering is expected to close on May 28, 2021. The IPO proceeds are intended to facilitate future mergers or acquisitions.

Positive

• PHPC's IPO priced at $10.00 per unit, indicating strong demand.
• Potential for additional units to be purchased by underwriters, totaling up to 34,500,000 units.
• Intended use of proceeds for mergers and acquisitions could enhance growth opportunities.

Negative

• The IPO is subject to customary closing conditions, introducing uncertainty.
• Market risks and uncertainties, including the impact of COVID-19, may affect completion.

ST. LOUIS, May 25, 2021 (GLOBE NEWSWIRE) -- Post Holdings, Inc. (NYSE:POST) (“POST”) and Post Holdings Partnering Corporation (“PHPC”), a special purpose acquisition company formed for the purpose of effecting a partnering transaction between one or more businesses, today announced the pricing of PHPC’s initial public offering (the “IPO”) of 30,000,000 units at a price to the public of $10.00 per unit. PHPC Sponsor, LLC has indicated that it or one of its affiliates has an interest in purchasing, directly or indirectly, 4,000,000 of the 30,000,000 units in the IPO at the IPO price. In addition, PHPC has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the IPO price, less underwriting discounts and commissions. Each unit consists of one share of PHPC’s Series A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of PHPC’s Series A common stock at a price of $11.50 per share. The units are expected to be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “PSPC.U” beginning on May 26, 2021. Once the securities comprising the units begin separate trading, the shares of Series A common stock and warrants are expected to be listed on the NYSE under the symbols “PSPC” and “PSPC WS”, respectively.

Evercore Group L.L.C. and Barclays Capital Inc. are acting as the lead book-running managers for the offering.

The offering is being made only by means of a prospectus. When available, a copy of the final prospectus may be obtained free of charge by visiting EDGAR on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov, from Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com, or from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (888) 603-5847, or by email at barclaysprospectus@broadridge.com.

A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sales of 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.

The offering is expected to close on May 28, 2021, subject to customary closing conditions.

Cautionary Statement on Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements are made based on known events and circumstances at the time of release, and as such, are subject to uncertainty and changes in circumstances. These forward-looking statements include statements regarding the proposed IPO of PHPC, including the amount of equity PHPC expects to sell in the proposed IPO, the amount of equity PHPC Sponsor, LLC has indicated that it or one of its affiliates has an interest in purchasing, directly or indirectly, in the proposed IPO, the anticipated closing date of the proposed IPO, the anticipated use of net proceeds and the listing of PHPC’s securities with the NYSE. There is no assurance that the IPO will be completed as anticipated or at all, and there are a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the forward-looking statements made herein, including risks relating to unanticipated developments that prevent, delay or negatively impact the IPO, the rapidly changing situation related to the COVID-19 pandemic and other risks and uncertainties described in Post’s filings with the SEC and in the Risk Factors section of PHPC’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. These forward-looking statements represent Post’s and PHPC’s judgment as of the date of this release. Post and PHPC disclaim, however, any intent or obligation to update these forward-looking statements, except as required by law.

About Post Holdings Partnering Corporation

Post Holdings Partnering Corporation is a blank-check company formed by Post Holdings, Inc. for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar partnering transaction with one or more businesses or assets.

About Post Holdings, Inc.

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient and convenient nutrition food categories.

Contact:
Investor Relations
Jennifer Meyer
jennifer.meyer@postholdings.com
(314) 644-7665

FAQ

What are the details of Post Holdings Partnering Corporation's IPO?

PHPC's IPO includes 30,000,000 units priced at $10.00 each, with underwriters having a 45-day option for an additional 4,500,000 units.

When is the expected closing date for PHPC's IPO?

The offering is expected to close on May 28, 2021, pending customary closing conditions.

What is the purpose of the funds raised from the IPO?

The funds are intended for mergers, acquisitions, or similar partnering transactions.

What will be the trading symbols for PHPC's shares?

Units will trade under PSPC.U, while Series A common stock and warrants will list as PSPC and PSPC WS, respectively.

What risks are associated with PHPC's IPO?

Risks include uncertainties in market conditions and the potential impacts of the COVID-19 pandemic on the IPO process.