01—Abstract
Summary
Summary of the 8-K filed April 4, 2024. Cited figures are marked; the original filing is the authoritative source.
TD SYNNEX Corporation (NYSE: SNX) announced on April 4, 2024 the launch of a secondary public offering of 5,309,299 shares of its common stock held by certain entities managed by affiliates of Apollo Global Management, Inc. The offering represents all of the remaining shares owned by the Selling Stockholders.
TD SYNNEX is not selling any shares and will receive no proceeds from the sale of shares by the Selling Stockholders. Concurrently, the Company has authorized the purchase of 1,750,000 shares of common stock from the underwriters as part of the offering, referred to as the Concurrent Share Repurchase. This repurchase is part of the Company's existing share repurchase program, and the Company intends to fund it from existing cash on hand.
The underwriters will not receive any compensation for the shares being repurchased by the Company. J.P.
Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, and RBC Capital Markets, LLC are acting as joint bookrunners and underwriters. The offering is being made under shelf registration statements previously effective on September 2, 2021 and October 10, 2023, and the filing states that completion is subject to market conditions and customary closing conditions.
02—Key points
Key Highlights
- Secondary offering of 5,309,299 shares of common stock held by Apollo-affiliated entities, representing all of their remaining shares in the Company.
- TD SYNNEX is not selling any shares and will not receive proceeds from the Selling Stockholders' sales.
- Concurrent Share Repurchase: the Company has authorized purchasing 1,750,000 shares from the underwriters as part of the offering.
- The Concurrent Share Repurchase is part of the existing share repurchase program and will be funded from existing cash on hand.
- Underwriters will receive no compensation on the shares repurchased by the Company.
- Joint bookrunners and underwriters are J.P. Morgan, Citigroup, Goldman Sachs, Mizuho, and RBC Capital Markets.
- Offering is made under shelf registration statements File No. 333-259270 and File No. 333-274915, effective September 2, 2021 and October 10, 2023, respectively.
03—Questions
Frequently Asked Questions
Is TD SYNNEX raising new capital through this offering?
No. The filing states that TD SYNNEX is not selling any shares of its common stock and will not receive any proceeds from the sale of shares by the Selling Stockholders.
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 5,309,299 shares, which the filing describes as all of their remaining shares in the Company.
What is the Concurrent Share Repurchase?
The Company has authorized the purchase of 1,750,000 shares of common stock from the underwriters as part of the secondary offering. It is part of the existing share repurchase program and will be funded from existing cash on hand. The underwriters will not receive compensation on these shares.
Who are the underwriters for the offering?
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, and RBC Capital Markets, LLC are acting as joint bookrunners and underwriters.
Where can investors obtain the prospectus?
The preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and may be obtained by contacting the joint bookrunners at the addresses and phone numbers listed in the press release, Exhibit 99.1.
04—Continue