EnergySolutions, Inc. Announces Pricing of Its Initial Public Offering
SALT LAKE CITY, UT--(Marketwire - November 14, 2007) - EnergySolutions, Inc. (NYSE: ES) today
announced that its initial public offering of 30,000,000 depositary shares,
each representing one share of its common stock, has been priced at $23 per
share. The depositary shares will begin trading on the New York Stock
Exchange on November 15, 2007 under the symbol "ES."
Of the total 30,000,000 shares sold in the offering, EnergySolutions sold
11,850,000 shares, and the selling stockholder sold 18,150,000 shares. The
selling stockholder is controlled by affiliates of Lindsay Goldberg,
Peterson Partners L.P. and certain members of the management of
EnergySolutions. In addition, the underwriters of the offering have an
option to purchase up to 4,500,000 additional shares to cover
over-allotments. Of the 4,500,000 shares subject to the option, 2,722,500
shares are being sold by the selling stockholder and 1,777,500 shares are
being sold by EnergySolutions.
EnergySolutions intends to use its net proceeds from the shares that it
sells in this offering to repay outstanding debt under its credit
facilities, to pay fees and accrued interest to lenders under these
facilities and to pay amounts owing under existing employment agreements.
EnergySolutions will not receive any proceeds from the sale of shares by
the selling stockholder.
All of the shares of common stock sold in this offering will be sold in the
form of depositary shares. On December 19, 2007, each holder of depositary
shares will be credited with a number of shares of common stock equal to
the number of depositary shares held by such holder on that date, and the
depositary shares will be canceled. Until the cancellation of the
depositary shares on December 19, 2007, holders of depositary shares will
be entitled to all proportional rights and preferences of the shares of
common stock.
Credit Suisse, JPMorgan and Morgan Stanley were the joint book-running
managers for the offering. A registration statement relating to this
offering was filed and declared effective by the Securities and Exchange
Commission. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. A copy of the prospectus relating to
the offering may be obtained from Credit Suisse Securities (USA) LLC, One
Madison Avenue 1B, New York, NY 10010; telephone 1-800-221-1037, Attention:
Prospectus Department; J.P. Morgan Securities Inc., National Statement
Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level,
Brooklyn, NY 11245, telephone 718-242-8002, Attention: Prospectus
Department; or Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd
floor, New York, New York 10014, telephone 1-866-718-1649, Attention:
Prospectus Department.
EnergySolutions offers customers a full range of integrated services and
solutions, including nuclear operations, characterization, decommissioning,
decontamination, site closure, transportation, nuclear materials
management, the safe, secure disposition of nuclear waste, and research and
engineering services across the fuel cycle.
Contact Information: For more information please contact:
Mark Walker
801-231-9194
www.EnergySolutions.com