Stillwater Announces Pricing Of Secondary Offerings By Its Majority Stockholder
On December 8, 2010, Stillwater Mining Company (NYSE: SWC) announced the pricing of the secondary offering of 37,000,000 shares of its common stock at a price to the public of $19.50 per share. All of the shares are being sold by the Company’s majority stockholder, Norimet Limited (the “selling stockholder”). The selling stockholder has also granted the underwriters an option to purchase up to an additional 3,813,222 shares of common stock at the public offering price to cover over-allotments, if any. Concurrently with the pricing of the underwritten public offering, the Company announced the pricing, by UBS AG, of its Mandatorily Exchangeable Notes due 2012 (the "exchangeable notes"). In connection with the exchangeable notes offering, the selling stockholder has agreed to sell 7,840,000 additional shares of the Company's common stock to UBS Securities LLC or an affiliate thereof. The selling stockholder has also granted UBS Securities LLC or an affiliate thereof an option to purchase a maximum of 1,160,000 additional shares of common stock if the underwriter of the exchangeable notes offering exercises its over-allotment option in full. If the offerings are successfully consummated, the selling stockholder's ownership of outstanding shares of Stillwater's common stock following these transactions would be less than 10%, or reduced to zero if the over-allotment option for both offerings is exercised in full. Stillwater Mining Company will not receive any proceeds from either transaction.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, UBS Securities LLC and VTB Capital PLC are acting as joint bookrunning managers for the underwritten public offering of the common stock. VTB Capital PLC is not a U.S. registered broker-dealer, and therefore, to the extent that it intends to effect any sales of shares of the common stock in the United States, it will do so through one or more U.S. registered broker-dealers, which may be affiliates of VTB Capital PLC, to the extent required by applicable U.S. securities laws and regulations. UBS Securities LLC is the sole bookrunner and underwriter for the exchangeable notes offering. A copy of the prospectus supplement and base prospectus relating to the underwritten public offering of the common stock may be obtained by contacting: Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York, 10010-3629 (800-221-1037), J.P. Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (866-803-9204), or UBS Securities LLC, 299 Park Avenue, New York, New York, 10171, Attn: Prospectus Department (888-827-7275, ext. 3884). A copy of the base prospectus and prospectus supplement relating to the underlying common stock being offered in connection with the underwritten public offering of the exchangeable notes may be obtained by contacting UBS Securities LLC, 299 Park Avenue, New York, New York, 10171, Attn: Prospectus Department (888-827-7275, ext. 3884).
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV