Rollins, Inc. Unveils Pricing for Secondary Public Offering
Rollins, Inc. (NYSE: ROL), a leading name in pest control and related services, recently made a significant announcement about a secondary public offering. This offering involves a total of 17,391,305 shares of its common stock, priced at $57.50 each. The offer is being facilitated by LOR, Inc. and Rollins Holding Company, Inc., who are existing stockholders of the firm.
Details of the Offering and Underwriting
The offering is set to close soon, contingent upon customary closing conditions. Notably, the underwriter has a 30-day option to purchase an additional 2,608,695 shares from the Selling Stockholders. It’s essential to note that Rollins is not selling any shares from its own holdings in this transaction, meaning it will not receive any proceeds from the offering.
Repurchase Agreement Linked to the Offering
In an interesting turn, the Company has agreed to repurchase 3,478,260 shares of its common stock for approximately $200 million. This repurchase will take place at the same price per share as the offering. Importantly, these transactions are intricately linked, as the closing of the share repurchase is dependent on the successful closure of the offering.
The Role of Morgan Stanley
Morgan Stanley has been appointed as the sole bookrunner for this offering, facilitating smooth execution and ensuring that the objectives of Rollins and its stockholders are met effectively.
Regulatory Compliance and Documentation
This offering is conducted under a shelf registration statement filed previously with the Securities and Exchange Commission (SEC). It was declared effective on June 22, 2023. Investors can find detailed information in the preliminary prospectus supplement that has been filed. While access to the final prospectus supplement will be provided, interested parties can request copies through appropriate channels.
About Rollins, Inc.
Rollins, Inc. stands out as a premier global consumer and commercial services provider. With a broad portfolio of brands, including Orkin and Critter Control, it delivers necessary pest control and protection services. The company proudly serves over 2.8 million customers across numerous continents, employing more than 20,000 professionals to ensure the safety and satisfaction of its clientele.
Frequently Asked Questions
What was the price for the shares offered by Rollins, Inc.?
The shares were priced at $57.50 each in the secondary public offering.
Who are the involved underwriters for this offering?
Morgan Stanley is serving as the sole bookrunner for this secondary public offering.
Will Rollins, Inc. receive funds from the offering?
No, Rollins is not selling any shares in this offering and thus will not receive any proceeds.
What additional options do underwriters have in this offering?
The underwriter holds a 30-day option to purchase up to an additional 2,608,695 shares from the Selling Stockholders.
How many shares is Rollins planning to repurchase?
Rollins intends to repurchase 3,478,260 shares for approximately $200 million, linked to the offering's completion.
