Stock Offerings: Cott
BOSTON (TheStreet) -- Cott (COT) shares rallied nearly 7% Thursday after the beverage maker announced pricing details of its stock offering as part of its acquisition of Cliffstar.
Cott said it has priced its offering of 11.6 million shares of common stock at $5.60 per share, which should yield gross proceeds of approximately $65 million. Cott has granted underwriters a 30-day option to purchase an additional 1.74 million common shares to cover overallotments, if any.
Cott said it will use net proceeds of roughly $62.4 million to help fund its acquisition of juice maker Cliffstar. The remaining portion will be funded through a draw-down on its asset based lending facility, Cott said.
Shares of Cott were rising 38 cents, or 6.7%, to $6.05. More than 5.4 million shares changed hands less than two hours into Thursday's trading session, compared with the average daily share volume of 622,000.
Elsewhere, Martin Midstream Partners (MMLP) said it has priced its offering of 1 million common units at $29.13 per unit. Martin Midstream offered another 150,000 shares to underwriters to cover overallotments, if any. Shares of Martin Midstream were down $1.51, or 5%, to $29. United Community Banks (UCBI) filed for a $200 million mixed shelf offering in order "to go to market in an efficient and timely manner as capital needs may arise," CEO Jimmy Tallent said in a statement. Shares of United Community were down 9 cents, or 3.2%, to $2.76. In IPO news, RealPage (RP) rallied in its trading debut after the software provider to the apartment rental industry priced its initial public offering of 12.3 million shares at $11 per share. Previously, RealPage said it would offer 13.5 million shares in a range of $13 to $15 per share. The stock was lately up 22.4% to $13.46. Meanwhile, MakeMyTrip (MMYT) shares also surged in their trading debut on the Nasdaq after the travel Web site priced its offering of 5 million shares at $14 per share, at the top end of its projected range. The stock was jumping by 75.4% to $24.55. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.Select the service that is right for you!
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