NEW BRIGHTON, Minn. - APi Group Corporation (NYSE: APG), a global business services provider, has announced that certain funds affiliated with Blackstone (NYSE:BX) Inc. and Viking Global Investors LP are initiating a public offering of APi Group common stock. The offering involves up to 8,130,082 shares acquired upon conversion of Series B Perpetual Convertible Preferred Stock, with an additional option for underwriters to purchase up to 1,219,510 shares.
The transaction will not involve the sale of new shares by APi Group, and consequently, the company will not receive proceeds from the offering. UBS Investment Bank and Citigroup are serving as the joint bookrunning managers, while Blackstone Securities Partners L.P. is the co-manager for this offering.
The shares are being offered in accordance with a shelf registration statement filed with the Securities and Exchange Commission (SEC) on January 3, 2022, and declared effective on January 7, 2022. The offering is being made solely by means of a prospectus, a preliminary version of which may be obtained from the SEC's website or directly from the managing banks.
APi Group, with over 500 locations worldwide, specializes in life safety, security, and various specialty services, maintaining a significant base of recurring revenue through long-standing customer relationships across multiple industries.
The announcement includes a disclaimer that this press release contains forward-looking statements regarding the proposed public secondary offering and that actual results could vary based on a range of factors.
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