Benzinga | Mar 18, 2021 08:40AM EDT

Primoris Services Corporation Announces Pricing Of Public Offering Of $150M In Common Stock At $35/Share

Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company"), a leading provider of specialty contracting services in North America, today announced the pricing of its previously announced underwritten public offering of 4,500,000 shares of its common stock at a public offering price of $35.00 per share (the "Offering"), for net proceeds of approximately $150 million, after underwriting discount but before estimated offering expenses payable by the Company. The Company has also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of the Company's common stock at the public offering price. The Offering is expected to close on March 22, 2021, subject to customary closing conditions.



The Company intends to use the net proceeds from this offering for general corporate purposes, including to repay a portion of the borrowings outstanding under its credit facility.

Goldman Sachs & Co. LLC, Morgan Stanley, and UBS Investment Bank are acting as joint book-running managers for the Offering.

This Offering is being made pursuant to an effective shelf registration statement and prospectus and a related preliminary prospectus supplement filed by the Company with the Securities and Exchange Commission ("SEC"). This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A preliminary prospectus supplement relating to, and describing the terms of, the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov.

Copies of the preliminary prospectus supplement, accompanying base prospectus and, when available, prospectus supplement relating to the offering may be obtained free of charge on the Securities and Exchange Commission's (the "SEC") website at www.sec.gov or by sending a request to: Goldman Sachs & Co. LLC by mail at 200 West Street, New York, NY 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; and UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by email at ol-prospectus-request@ubs.com.

The shares of common stock will be offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act").