Very slick. [t]IRDM[/t], until yesterday [t]GHQ[/t], is offering 16 million shares at $10.00 per share. The proceeds from the offering will be used to fund the redemption of the shares that were voted against the company's acquisition of Iridium.
GHL Acquisition Corp. Announces Pricing of Common Stock Offering
Press Release
Source: GHL Acquisition Corp.
On Wednesday September 23, 2009, 7:07 pm EDT
NEW YORK, Sept. 23 /PRNewswire-FirstCall/ -- GHL Acquisition Corp. ("GHL Acquisition") (NYX: GHQ, GHQ.WS and GHQ.U) announced today that its offering of 16,000,000 newly issued shares of its common stock was priced at $10.00 per share. In addition, GHL Acquisition has granted the underwriters a 40-day option to purchase up to an additional 2,400,000 shares to cover over-allotments, if any. The offering is expected to close on September 29, 2009, subject to the satisfaction of customary closing conditions and the closing of the acquisition by GHL Acquisition of Iridium Holdings LLC.
Raymond James and Associates, Inc. is acting as bookrunning manager, RBC Capital Markets Corporation is acting as co-lead manager and Stifel, Nicolaus & Company, Incorporated is acting as co-manager for the offering.
GHL Acquisition will use the net proceeds from the offering to fund its previously announced repurchases of shares of its common stock and exchanges of its warrants, as well as for general corporate purposes.
A final prospectus supplement and accompanying prospectus related to the offering have been filed with the Securities and Exchange Commission and are available on the SEC's website www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus for this offering can be obtained without charge by directing a request to Raymond James & Associates, Inc. at 880 Carillon Parkway, St. Petersburg, FL 33716 or by telephone at (727) 567-2400. 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 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. The offering of these securities will be made only by means of the prospectus supplement and accompanying prospectus. A registration statement relating to the securities has been filed with and declared effective by the SEC.
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