tiprankstipranks
Portillo’s files to sell 8M shares of Class A common stock
The Fly

Portillo’s files to sell 8M shares of Class A common stock

Portillo’s announced the launch of an underwritten public offering of 8M shares of Portillo’s Class A common stock. The proposed offering is considered non-dilutive, as Portillo’s expects to use the net proceeds to (a) purchase limited liability company units of PHD Group Holdings LLC held by certain existing holders (and cancel the associated shares of the company’s Class B common stock and (b) repurchase shares of Class A common stock from certain existing holders, each in a "synthetic secondary" transaction. As a result, Portillo’s will not receive any proceeds from this offering. Upon close of the transaction, the company’s total common stock share count, comprised of shares of Class A and Class B common stock, will remain the same; however, the amount of shares of Class A common stock will increase by the same amount of the decrease in the number of shares of Class B common stock. Morgan Stanley is acting as the sole underwriter of the offering.

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on PTLO:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles