Steel Partners Holdings L.P. Announces Final Results of Dutch Auction Tender Offer

Rhea-AI Summary

Steel Partners Holdings L.P. (NYSE: SPLP) announced the results of its modified Dutch Auction tender offer, where it sought to buy back up to $100 million in common units. The offer, priced between $40.00 and $42.00 per unit, concluded on May 13, 2022. A total of approximately 361,781 common units were tendered at the maximum price of $42.00, leading to a total expenditure of about $15.19 million, excluding related fees.

Payments for the units accepted will be issued by the Depositary as per the offer's terms.

Positive

• The tender offer successfully acquired 361,781 common units at a price of $42.00, indicating strong demand.
• The total cost of the buyback was approximately $15.19 million, demonstrating the company's commitment to returning value to shareholders.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Steel Partners Holdings L.P. (NYSE: SPLP) (“SPLP” or the “Company”), a global diversified holding company, through its wholly owned subsidiary Steel Excel, Inc. (“Steel Excel”) today announced the final results of its previously announced modified “Dutch Auction” tender offer (the “Offer”) to purchase for cash up to $100 million in value of its common units, no par value, at a price per unit of not less than $40.00 nor greater than $42.00 per unit that expired at 5:00 P.M. Eastern Time on May 13, 2022.

Based on the final count by American Stock Transfer & Trust Company, LLC, the Depositary for the Offer, approximately 361,781 common units were properly tendered and not withdrawn at or below the final purchase price of $42.00 per unit. The Company has accepted for purchase an aggregate of 361,781 common units at the final purchase price of $42.00, for a total cost of approximately $15,194,802.00, excluding fees and expenses related to the Offer.

The Depositary will promptly issue payment for the units validly tendered and accepted for purchase in accordance with the terms and conditions of the Offer.

About Steel Partners Holdings L.P.

Steel Partners Holdings L.P. (www.steelpartners.com) is a diversified global holding company that owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.

Forward-Looking Statements

Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. Steel Partners Holdings undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, Steel Partners Holdings does not undertake any responsibility to provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005397/en/

Investor questions concerning the Offer may be directed to the information agent, MacKenzie Partners, Inc., at 800-322-2885 or tenderoffer@mackenziepartners.com.

Source: Steel Partners Holdings L.P.

FAQ

What were the results of Steel Partners Holdings' tender offer?

Steel Partners Holdings' tender offer resulted in the purchase of approximately 361,781 common units at $42.00 each, totaling about $15.19 million.

What was the tender offer price for SPLP's units?

The tender offer price for SPLP's units ranged from $40.00 to $42.00, with the final purchase price set at $42.00.

When did the Steel Partners Holdings tender offer expire?

The tender offer expired on May 13, 2022, at 5:00 PM Eastern Time.

How much cash did Steel Partners Holdings intend to use for the buyback?

Steel Partners Holdings intended to use up to $100 million for the buyback of its common units.