Rome 15 March 2021 12:34
- Offering of 31,900,000 common shares
- Initial public offering price range of $20.00 to $22.00 per share
- Expected to list on the NYSE under ticker symbol “DRS”
Leonardo S.p.A. (“Leonardo”) announced today that its wholly owned subsidiary in the U.S, Leonardo US Holding, Inc. (“Leonardo US Holding”), has launched its initial public offering (“IPO”) for a minority stake of Leonardo DRS, Inc. ("DRS") common shares.
The initial public offering consists of 31,900,000 shares of DRS common stock to be offered at an anticipated initial public offering price range of between $ 20.00 and $ 22.00 per share, all of the shares to be sold in the offering will be offered and sold by Leonardo US Holding. DRS will not receive any proceeds from the offering. Leonardo US Holding also intends to grant the underwriters a 30-day option to purchase up to an additional 4,785,000 common shares at the public offering price less applicable underwriting discounts and commissions.
Post completion of the offering, Leonardo US Holding is expected to hold 78.0% of the issued and outstanding shares of common stock in DRS (approximately 74.7% if the underwriters’ option to purchase additional shares is exercised in full). DRS expects to list its common stock on the New York Stock Exchange under the ticker symbol “DRS”.
Goldman Sachs & Co. LLC, BofA Securities, and J.P. Morgan will act as lead book-running managers, Barclays, Citigroup, Credit Suisse, and Morgan Stanley will act as book-running managers and Credit Agricole, IMI-Intesa Sanpaolo, MUFG and UniCredit Capital Markets will act as co book-running managers for the proposed offering.
Mediobanca is acting as financial advisor for Leonardo S.p.A.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time when the registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, 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 state or jurisdiction.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained from Goldman Sachs & Co. LLC., Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at email@example.com; BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255; or J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at firstname.lastname@example.org.