Rev Group will commence an underwritten public offering of 12 million shares of common stock by certain selling stockholders. The RV manufacturer will purchase a portion of stock sold to the underwriters.
In connection with the offering, the selling stockholders intend to grant the underwriters an option to buy up to 1.8 million additional shares from the selling stockholders. Baird, Goldman Sachs & Co. LLC and Morgan Stanley are serving as joint offering underwriters.
Assuming the underwriters buy 12 million shares, Rev Group intends to buy 6 million shares from the underwriters. Rev Group would pay the same price the underwriters pay to the selling stockholders.
Rev Group said the company will fund the repurchase with cash on hand and borrowings under its revolving credit agreement.
Rev Group is not selling any shares in the offering and will not receive offering proceeds from the selling stockholders.
