01—Abstract
Summary
Summary of the 8-K filed January 29, 2024. Cited figures are marked; the original filing is the authoritative source.
TD SYNNEX Corporation (NYSE: SNX) announced on January 29, 2024 the launch of a secondary public offering of 7,625,000 shares of its common stock held by certain entities managed by affiliates of Apollo Global Management, Inc. The underwriters have a 30-day option to purchase up to an additional 1,143,750 shares from the Selling Stockholders.
The Company is not selling any shares in the offering and will not receive any proceeds from the sale by the Selling Stockholders. Concurrently, the Company has authorized a purchase from the underwriters of 1,375,000 shares of common stock as part of the offering, capped at a total of $160.0 milliona (the "Concurrent Share Repurchase"). The repurchase is part of the existing share repurchase program and is to be funded from existing cash on hand.
The underwriters will receive no compensation for the shares the Company repurchases. Goldman Sachs & Co. LLC, BofA Securities, Inc. and RBC Capital Markets, LLC are joint bookrunners and underwriters.
The offering is made under shelf registration statements (File Nos. 333-259270 and 333-274915), and the offering will proceed only by means of a prospectus supplement. Completion is subject to market conditions and customary closing conditions.
02—Key points
Key Highlights
- Apollo-affiliated entities are selling 7,625,000 shares of TD SYNNEX common stock in a secondary public offering, with a 30-day option for underwriters to buy an additional 1,143,750 shares.
- TD SYNNEX is not selling any shares and will not receive any proceeds from the Selling Stockholders' sale.
- The Company has authorized a Concurrent Share Repurchase of 1,375,000 shares from the underwriters, capped at $160.0 million.
- The Concurrent Share Repurchase is part of the existing share repurchase program and will be funded from existing cash on hand.
- Goldman Sachs & Co. LLC, BofA Securities, Inc. and RBC Capital Markets, LLC are joint bookrunners and underwriters.
- The offering is made under previously effective shelf registration statements (File Nos. 333-259270 and 333-274915).
- The underwriters will receive no compensation on the shares repurchased by the Company.
03—Questions
Frequently Asked Questions
Will TD SYNNEX receive any proceeds from the secondary offering?
No. The Company is not selling any shares in the offering and will not receive any proceeds from the sale of shares by the Selling Stockholders.
What is the Concurrent Share Repurchase?
The Company has authorized the purchase of 1,375,000 shares of common stock from the underwriters as part of the offering, provided the total does not exceed $160.0 million. The underwriters will not receive compensation on these shares.
How will the share repurchase be funded?
The Company intends to fund the Concurrent Share Repurchase from existing cash on hand, and it is part of the Company's existing share repurchase program.
Who is selling shares in the offering?
Certain entities managed by affiliates of Apollo Global Management, Inc., referred to as the Selling Stockholders, are offering 7,625,000 shares of common stock.
Who are the underwriters for the offering?
Goldman Sachs & Co. LLC, BofA Securities, Inc. and RBC Capital Markets, LLC are acting as joint bookrunners and underwriters.
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