MIAMI, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Platform Specialty Products Corporation (NYSE:PAH) ("Platform") today announced that it has commenced a $350 million underwritten public offering of shares of its common stock. In connection with the offering, Platform intends to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. All of the shares of common stock to be sold in the offering are to be sold by Platform.
Platform intends to use the net proceeds from the offering to fund a portion of the acquisition consideration and related fees and expenses of the previously-announced acquisition by Platform of Arysta LifeScience Limited, with any remaining net proceeds for general corporate purposes. The closing of the offering is not conditioned on, and is expected to be consummated before, the closing of the Arysta acquisition. In the event the Arysta acquisition is not completed, Platform intends to use the net proceeds of this offering for working capital and other general corporate purposes, which may include the funding of other acquisitions.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the size or terms of the offering.
Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Nomura Securities International, Inc. and UBS Securities LLC are acting as joint book-running managers for the offering and BTIG, LLC, CJS Securities, Inc., CRT Capital Group LLC, Macquarie Capital (USA) Inc. and Wells Fargo Securities, LLC are acting as co-managers for the offering.
A registration statement on Form S-1 relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exchange Commission (the "SEC") but has not yet been declared effective by the SEC. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained on the SEC's website at www.sec.gov. Alternatively, potential investors may contact Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or by email: Barclaysprospectus@broadridge.com; or by telephone: (888) 603-5847 or Credit Suisse Securities (USA) LLC, Attn: Prospectus Department at One Madison Avenue, New York, NY 10010; or by email at newyork.prospectus@creditsuisse.com; or by telephone: 1-800-221-1037.
About Platform
Platform is a global producer of high-technology specialty chemicals and provider of technical services. The business involves the manufacture of a broad range of specialty chemicals, created by blending raw materials, and the incorporation of these chemicals into multi-step technological processes. These specialty chemicals and processes are sold into multiple industries including agricultural, electronics, graphic arts, metal and plastic plating, and offshore oil production and drilling. More on Platform is available at www.platformspecialtyproducts.com.
Forward-looking Statements
This press release contains forward-looking statements, including, but not limited to, statements regarding Platform's planned offering of shares of its common stock, the anticipated use of proceeds and Platform's ability to close the acquisition of Arysta LifeScience Limited. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, market and other general economic conditions, Platform's and the purchasers' ability to satisfy the conditions required to close the offering and Platform's perception of future availability of equity or debt financing needed to fund its growing business. These forward-looking statements are made as of the date of this press release and Platform assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ from those projected in such forward-looking statements. Investors should refer to the risk factors set forth in the registration statement filed by Platform with the Securities and Exchange Commission on November 3, 2014, as amended, and in the registration statement and periodic reports and other documents filed by Platform with the Securities and Exchange Commission, including Platform's annual report on Form 10-K for the fiscal year ended December 31, 2013 and quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2014.