A major shareholder in U.S. Silica is to sell 8.5 million shares of the company in an underwritten secondary public offering. Those shares will be offered at $22 apiece by a subsidiary of Golden Gate Capital, a financial investor in the materials firm. In addition to those 8.5 million shares, the seller has granted the issue's underwriters a 30-day option to buy an additional 1.275 million shares.

U.S. Silica currently has approximately 52.8 million shares outstanding.

The issue is expected to close on March 19. The company stressed that it will not receive any proceeds from the sale.


The joint book-running managers of the offering include Morgan StanleyBank of America unit Merrill Lynch, Jefferies, and Wells Fargo's Securities division.

The article U.S. Silica Investor to Sell its Stake originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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