Advanced Drainage Systems Inc., a Hilliard-headquartered global manufacturer of water management products and solutions, has launched an underwritten public offering of 7.5 million shares of its common stock. ADS intends to use the net proceeds to repay a portion of the outstanding borrowings under its existing senior secured credit facility, with the remaining proceeds (if any) used for general corporate purposes. Such borrowings were incurred to finance the acquisition of Infiltrator Water Technologies Ultimate Holdings Inc.
In connection with the offering, ADS intends to grant the underwriters a 30-day option to purchase up to an additional 1.125 million shares of its common stock.
Barclays, Morgan Stanley, Baird, BofA Merrill Lynch and PNC Capital Markets LLC are acting as joint book-running managers and Boenning & Scattergood Inc. is acting as co-manager in connection with the offering.
Related: How Advanced Drainage Systems Fast-Tracked Infiltrator Acquisition
