Markit (Nasdaq:MRKT), a leading global diversified provider of financial information services, today announced the launch of a secondary public offering of its common shares.
In the offering, which is subject to market and other conditions, certain of Markit’s shareholders intend to offer 24,586,022 common shares for sale and to grant the underwriters the right to purchase up to approximately 1,700,000 additional common shares from the selling shareholders. The company itself is not selling any shares and will not receive any proceeds from the proposed offering.
BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., HSBC, J.P. Morgan, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, BNP PARIBAS, Jefferies, RBS and TD Securities are acting as joint book-running managers for the offering.
As part of the offering, Markit intends to purchase from the underwriters a number of common shares with an aggregate value of approximately $350 million at a price per common share equal to the price to be paid to the selling shareholders by the underwriters. Markit intends to fund the repurchase through a combination of cash and a drawdown of its revolving credit facility.
A registration statement, including a preliminary prospectus, relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
The offering will be made only by means of a prospectus. The preliminary prospectus relating to the offering is available on the SEC’s website, http://www.sec.gov.