TD SYNNEX Corporation, an Information Technology firm, declared on Monday a proposal for a secondary public offering of 7,375,000 shares. These shares are owned by certain groups managed by Apollo Global Management, Inc's affiliates.
It's worth noting that TD SYNNEX isn't offloading any shares and won't benefit financially from the sale by the shareholders. The underwriters will have the option to acquire an extra 1,106,250 shares from the selling shareholders within a 30-day window.
Moreover, the company has confirmed it will purchasing 1,375,000 shares from the underwriters as part of the offering. However, the total amount of shares repurchased will not exceed $160 million.
As for the funding of the simultaneous share repurchase, TD SYNNEX plans to utilize its existing cash reserves. The joint book-runners and underwriters for the offering will include Goldman Sachs & Co. LLC, BofA Securities, Inc., and RBC Capital Markets, LLC.
