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Strong Buy (3.50 out of 4)
100th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thursday, April 18, 6:36 PM
Slide #4. APi Group Corporation — Preferred Stock Offering
| Company: |
APi Group Corporation (NYSE:APG) |
| Date announced: |
2/28/2024 |
| Shares Offered: |
10,569,106 |
| Date of Pricing: |
2/29/2024 |
| Price Per Share: |
$34.25 |
| Preferred Stock Offering Details: |
APi Group Corporation (NYSE:APG) ("APi" or the "Company") announced today that certain funds affiliated with Blackstone Inc. (the "Blackstone Selling Stockholders") and Viking Global Investors LP (the "Viking Selling Stockholders"), collectively, the "Selling Stockholders", have commenced an underwritten registered public offering of up to an aggregate of 8,130,082 shares of common stock of the Company that the Selling Stockholders received upon conversion of existing 5.5% Series B Perpetual Convertible Preferred Stock (the "Series B Preferred Shares"). In connection with the offering, the Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to 1,219,510 additional shares of common stock held by the Selling Stockholders. APi is not selling any shares of common stock and will not receive any proceeds from the sale of the shares of common stock in the offering. -updated 2/29- APi Group Corporation (NYSE:APG) ("APi" or the "Company") announced the upsize and pricing of the previously announced underwritten registered public offering of 10,569,106 shares of common stock of the Company commenced by certain funds affiliated with Blackstone Inc. (the "Blackstone Selling Stockholders") and Viking Global Investors LP (the "Viking Selling Stockholders"), collectively, the "Selling Stockholders," at a public offering price of $34.25 per share. The Selling Stockholders received the offered shares upon conversion of then-existing 5.5% Series B Perpetual Convertible Preferred Stock (the "Series B Preferred Shares"). In connection with the offering, the Selling Stockholders granted the underwriters a 30-day option to purchase up to 1,585,365 additional shares of common stock held by the Selling Stockholders. APi is not selling any shares of common stock and will not receive any proceeds from the sale of the shares of common stock in the offering. The offering is expected to close on or about March 5, 2024, subject to customary closing conditions. |
APi Group is a business services provider of safety and specialty services. Co.'s operating segments are: safety services, which provides safety services focusing on integrated occupancy systems including design, installation, inspection, monitoring, and service of these integrated systems; specialty services, which provides a variety of infrastructure services and industrial plant services, which include maintenance and repair of infrastructure such as underground electric, gas, water, sewer and telecommunications infrastructure; and industrial services, which provides a variety of services to the energy industry focused on transmission and distribution.
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| Name: |
APi Group Corp (DE) |
| Website: |
www.apigroupcorp.com |
| Sector: |
Construction |
| Number of ETFs Holding APG: |
35 (see which ones) |
| Total Market Value Held by ETFs: |
$1,087,436,483.05 |
| Total Market Capitalization: |
$9,549,000,000 |
| % of Market Cap. Held by ETFs: |
11.39% |
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