Power equipment product maker Generac Holdings Inc. (NYSE: GNRC) has priced a secondary stock sale of 6.5 million shares at $34.95 per share. The sale includes only shares held by CCMP Capital, and none of the proceeds will be available to Generac or any of its directors or officers.
Morgan Stanley is the underwriter and has been granted an overallotment option of up to 975,000 additional shares.
Generac's shares closed at $35.64 last night, so today's price represents a discount of 1.9%.
CCMP is Generac's largest shareholder and will hold about 11.7% of the company's stock after the offering is completed. CCMP plans to continue reducing its ownership stake in Generac with additional stock sales in the future.
Shares of Generac traded down about 2.4% in the first few minutes of trading this morning, at $34.77 in a 52-week range of $18.35 to $41.48.
Filed under: 24/7 Wall St. Wire, Industrials, Secondary Offering Tagged: GNRC