REV Group Announces Pricing Of Secondary Offering Of 16 Mln Shares At $16.50/shr

(RTTNews) - REV Group Inc. (REVG) announced the pricing of underwritten public offering, which has been upsized to 16 million shares of common stock by certain selling stockholders at the public offering price of $16.50 per share.

In connection with the offering, the selling stockholders have granted the underwriters an option to purchase up to 2.40 million additional shares of common stock from the selling stockholders.

REV Group said it is not selling any shares of common stock in the offering, and REV Group will not receive any proceeds from the offering by the selling stockholders. The offering is expected to close on or about February 20, 2024, subject to customary closing conditions.

REV Group has agreed to purchase from the underwriters 8 million of the shares of its common stock that are subject to the offering at a price per common share equal to the price to be paid to the selling stockholders by the underwriters, which is approximately $15.76 per common share. REV Group intends to fund the repurchase with cash on hand and borrowings under its revolving credit agreement.