Veritiv Announces Proposed Secondary Offering of Common Stock

Rhea-AI Summary

Veritiv Corporation (NYSE: VRTV) has announced a secondary public offering of 1,400,000 shares of its common stock, offered by UWW Holdings, LLC, a current stockholder. The company will not be involved in selling any shares and will not receive proceeds from this transaction. Morgan Stanley & Co. LLC is designated as the sole underwriter for the offering, which is contingent on market conditions. A registration statement has been filed with the SEC, and further details can be found in the preliminary prospectus supplement.

Positive

• The offering could provide liquidity for UWW Holdings, potentially benefiting the market.

Negative

• The offering does not involve any proceeds for Veritiv, indicating no direct financial benefit to the company.
• Increased shares may dilute existing stockholders' equity.

ATLANTA, Nov. 16, 2020 /PRNewswire/ -- Veritiv Corporation (NYSE: VRTV) (the "Company" or "Veritiv") today announced 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., subject to market conditions and other factors. 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.

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 preliminary prospectus supplement filed by the Company with the SEC today. Copies of the preliminary 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-proposed-secondary-offering-of-common-stock-301174037.html

SOURCE Veritiv Corporation

FAQ

What is the purpose of Veritiv's secondary offering of common stock?

Veritiv's secondary offering, involving 1,400,000 shares by UWW Holdings, LLC, does not directly benefit the company as it will not receive any proceeds from the sale.

Who is managing Veritiv's public offering?

Morgan Stanley & Co. LLC is acting as the sole underwriter for Veritiv's secondary offering of common stock.

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

The offering includes 1,400,000 shares of common stock.

When was Veritiv's stock offering announced?

Veritiv announced the public offering on November 16, 2020.

What are the potential implications of the stock offering for VRTV shareholders?

The offering may lead to dilution of existing shareholders' equity, as no proceeds will go to Veritiv.