(Source: Business Wire)
Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced the pricing of its public offering of 7.0 million shares of its common stock at a price of $14.75 per share. The company also granted the underwriters a 30-day option to purchase up to an additional 15% of the shares sold. Goldman, Sachs & Co. acted as bookrunning manager for the offering, William Blair & Company acted as co-lead manager, Fox-Pitt Kelton Cochran Caronia Waller and Keefe, Bruyette & Woods acted as co-managers for the offering.
Duff & Phelps intends to use the $97.5 million of net proceeds from this offering to (1) repay the entire $42.4 million of outstanding borrowings under its term loan credit facility; (2) redeem 1.9 million units of its subsidiary, Duff & Phelps Acquisitions, LLC (and the related Class B shares of Duff & Phelps) held by Lovell Minnick Partners and its affiliates; (3) redeem 1.6 million units of its subsidiary, Duff & Phelps Acquisitions, LLC (and the related Class B shares of Duff & Phelps) held by Vestar capital Partners and its affiliates; and (4) for general corporate purposes. If the underwriters exercise their over-allotment option to purchase additional shares, the additional proceeds will be used by Duff & Phelps to redeem up to 1,050,000 units (and the related Class B shares) held primarily by our employees.
The offering is being made pursuant to a shelf registration statement filed with the U.S. Securities and Exchange Commission, which became effective on May 4, 2009. Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from Goldman, Sachs & Co. via telephone at +1 212 902 1171, email at Prospectus-ny@ny.email.gs.com or standard mail at:
Goldman, Sachs & Co.
Prospectus Department
85 Broad Street
New York, NY 10004
You may also obtain copies, when available, by visiting EDGAR on the SEC website at www.sec.gov.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have or will be filed with the Securities and Exchange Commission.
About Duff & Phelps
As a leading global independent provider of financial advisory and investment banking services, Duff & Phelps delivers trusted advice to our clients principally in the areas of valuation, transactions, financial restructuring, dispute and taxation. Our capabilities and resources, combined with an agile and responsive delivery, distinguish our clients' experience in working with us. With more than 1,200 employees serving clients worldwide through offices in North America, Europe and Asia, Duff & Phelps is committed to fulfilling its mission to protect, recover and maximize value for its clients. Investment banking services in North America are provided by Duff & Phelps Securities, LLC. Investment banking services in Europe are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Services Authority. (NYSE: DUF)
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