Veritiv Announces Pricing of Secondary Offering of Common Stock

Rhea-AI Summary

Veritiv Corporation (NYSE: VRTV) announced a public offering of 1,400,000 shares of common stock at a price of $18.50 per share, initiated by UWW Holdings, LLC, a current stockholder. The offering, underwritten by Morgan Stanley & Co. LLC, will not involve any shares sold by Veritiv itself, and the company will not receive any proceeds. The expected closing date is November 19, 2020. For details, a prospectus supplement will be filed with the SEC.

Positive

• The secondary offering could enhance liquidity in the stock market.
• The offering price of $18.50 reflects confidence in the company's valuation.

Negative

• The public offering may lead to shareholder dilution since existing shares may be affected by the increase of available shares.
• Veritiv will not benefit from any proceeds of the offering, limiting potential growth investments.

ATLANTA, Nov. 16, 2020 /PRNewswire/ -- Veritiv Corporation (NYSE: VRTV) (the "Company" or "Veritiv") today announced the pricing of an underwritten public offering of 1,400,000 shares of its common stock by UWW Holdings, LLC, one of its existing stockholders and the former parent company of Unisource Worldwide, Inc., at a public offering price of $18.50 per share. Morgan Stanley & Co. LLC is acting as the sole underwriter of the offering. The Company is not selling any shares of common stock in the offering, and the Company will not receive any proceeds from the offering by the selling stockholder. Subject to the satisfaction of customary conditions, the offering is expected to close on November 19, 2020.

A registration statement (including prospectus) relating to these securities was filed with and declared effective by the Securities and Exchange Commission (the "SEC"). Information about the offering is available in the prospectus supplement to be filed by the Company with the SEC. When available, copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

The offering of these securities is being made solely by means of a prospectus supplement and the accompanying prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Veritiv
Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500^® company, is a leading North American business-to-business distributor of packaging, facility solutions, print and publishing products and services. Additionally, Veritiv provides logistics and supply chain management solutions. Serving customers in a wide range of industries, Veritiv has distribution centers throughout the U.S., Canada and Mexico, and team members around the world helping shape the success of its customers.

Safe Harbor Provision
Certain statements contained in this press release regarding the proposed offering are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words "believe," "expect," "anticipate," "continue," "intend," "should," "will," "would," "planned," "estimated," "potential," "goal," "outlook," "may," "predicts," "could," or the negative of such terms, or other comparable expressions have been used to identify such forward-looking statements. All forward-looking statements reflect only the Company's current beliefs and assumptions and are based on information currently available to the Company. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause the actual results to differ materially from those expressed in, or implied by, these statements. Factors that could cause actual results to differ materially from current expectations include risks and other factors described under "Risk Factors" in the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and elsewhere in the Company's publicly available reports filed with the SEC, which contain a discussion of various factors that may affect the Company's business or financial results. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or internet service providers.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/veritiv-announces-pricing-of-secondary-offering-of-common-stock-301174165.html

SOURCE Veritiv Corporation

FAQ

What is the pricing of the Veritiv Corporation secondary offering?

The secondary offering is priced at $18.50 per share.

When is the expected closing date of Veritiv's stock offering?

The expected closing date is November 19, 2020.

Who is the underwriter for Veritiv's public offering?

Morgan Stanley & Co. LLC is acting as the sole underwriter for the offering.

Does Veritiv Corporation receive proceeds from the stock offering?

No, Veritiv will not receive any proceeds as the offering is made by an existing stockholder.

How many shares are being offered in Veritiv's secondary offering?

A total of 1,400,000 shares are being offered in the secondary offering.