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ESAB Corporation, Late Tuesday, Priced Secondary Offering of 6,003,431 Shares Currently Held by Enovis Corporation at $40/Share

Benzinga · 11/16/2022 05:24
ESAB Corporation (NYSE:ESAB) (the "Company" or "ESAB") announced today the pricing of the previously announced underwritten offering of 6,003,431 shares of its common stock currently owned by Enovis Corporation ("Enovis"), ESAB's former parent company at a price of $40.00 per share (before underwriting discounts and commissions). ESAB is not selling any shares and will not receive any proceeds from the sale of the shares in the offering, nor will it receive any proceeds from the debt-for-equity exchange (as described below). Prior to the closing of the offering, Enovis intends to exchange 6,003,431 shares of ESAB common stock for indebtedness of Enovis that will be owned by Goldman Sachs & Co. LLC or an affiliate thereof. Goldman Sachs & Co. LLC, as the selling stockholder in the offering, intends to sell these shares of ESAB common stock to the underwriters in connection with the public offering. Goldman Sachs & Co. LLC and Evercore ISI are acting as the joint lead book-runners and representatives of the underwriters for the offering. BofA Securities and J.P. Morgan are also acting as joint lead book-runners. BMO Capital Markets, BNP PARIBAS, Citizens Capital Markets and Wells Fargo Securities are acting as joint book-runners for the offering. BTIG, HSBC, KeyBanc Capital Markets, MUFG, PNC Capital Markets LLC, Scotiabank, UBS Investment Bank and UniCredit Capital Markets are acting as co-managers for the offering. The offering is expected to close on November 18, 2022, subject to customary closing conditions.