Wesco Aircraft Announces 1.8M Share Secondary Offering
Wesco Aircraft Holdings (NYSE: WAIR), a leading provider of comprehensive supply chain management services to the global aerospace industry, today announced that certain employees and former employees have agreed to sell 1,800,000 shares of its common stock in an underwritten offering. The shares are being sold to cover a portion of the employees' tax liability resulting from the scheduled delivery of 5,604,316 shares of common stock in the aggregate in satisfaction of certain restricted stock unit awards that were granted in 2006 in connection with the Company's recapitalization with The Carlyle Group. The Company will also pay approximately $8.8 million in cash, in lieu of the delivery of 621,305 shares in the aggregate (which amount may be adjusted based on the final purchase price of the shares sold in the offering), in satisfaction of a portion of the restricted stock unit awards held by the employee stockholders pursuant to the terms of the applicable equity incentive plan. The Company will not sell any shares in the offering and will not receive any proceeds from the offering.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.