HILLIARD, Ohio--(BUSINESS WIRE)--
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a
leading global manufacturer of water management products and solutions
for commercial, residential, infrastructure and agricultural
applications, today announced the pricing of a follow-on public offering
of 10,000,000 shares of its common stock at a price to the public of
$21.25 per share. All of such shares will be offered and sold by ASP ADS
Investco, LLC (the “Selling Stockholder”), an affiliate of American
Securities LLC, and the Selling Stockholder will receive all of the
proceeds from such offering. The underwriters have a 30-day option to
purchase up to an additional 1,500,000 shares of common stock from the
Selling Stockholder. The offering is expected to close on or about
December 9, 2014, subject to customary closing conditions.
Barclays and Deutsche Bank Securities are acting as joint book-running
managers and representatives of the underwriters for the offering.
Additional joint book-running managers for the offering are RBC Capital
Markets, BofA Merrill Lynch and Baird. The co-managers for the offering
are Fifth Third Securities and PNC Capital Markets LLC.
The offering will be made only by means of a prospectus. When available,
copies of the final prospectus related to the offering may be obtained
from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, barclaysprospectus@broadridge.com,
888-603-5847; or from Deutsche Bank Securities Inc., Attention:
Prospectus Group, 60 Wall Street, New York, New York 10005, +1 (800)
503-4611, prospectus.cpdg@db.com.
A registration statement relating to these securities has been filed
with, and declared effective by, the U.S. Securities and Exchange
Commission (the "SEC"). This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any
sale of these shares in any state in which such offer, solicitation or
sale would be unlawful, prior to registration or qualification under the
securities laws of any state.
About ADS
Advanced Drainage Systems (ADS) is the leading manufacturer of high
performance thermoplastic corrugated pipe, providing a comprehensive
suite of water management products and superior drainage solutions for
use in the construction and infrastructure marketplace. Its innovative
products are used across a broad range of end markets and applications,
including non-residential, residential, agriculture and infrastructure
applications. The Company has established a leading position in many of
these end markets by leveraging its national sales and distribution
platform, its overall product breadth and scale and its manufacturing
excellence. Founded in 1966, the Company operates a global network of 58
manufacturing plants and 29 distribution centers.
Forward Looking Statements
Certain statements in this press release may be deemed to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the
offering. These statements are not historical facts but rather are based
on the Company’s current expectations, estimates and projections
regarding the Company’s business, operations and other factors relating
thereto. Words such as “may,” “will,” “could,” “would,” “should,”
“anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates” and similar expressions are
used to identify these forward-looking statements. Factors that could
cause actual results to differ from those reflected in forward-looking
statements relating to our operations and business include: fluctuations
in the price and availability of resins and other raw materials and our
ability to pass any increased costs of raw materials on to our customers
in a timely manner; volatility in general business and economic
conditions in the markets in which we operate, including, without
limitation, factors relating to availability of credit, interest rates,
fluctuations in capital and business and consumer confidence;
cyclicality and seasonality of the non-residential and residential
construction markets and infrastructure spending; the risks of
increasing competition in our existing and future markets, including
competition from both manufacturers of high performance thermoplastic
corrugated pipe and manufacturers of products using alternative
materials; our ability to continue to convert current demand for
concrete, steel and PVC pipe products into demand for our high
performance thermoplastic corrugated pipe and Allied Products; the
effect of weather or seasonality; the loss of any of our significant
customers; the risks of doing business internationally; the risks of
conducting a portion of our operations through joint ventures; our
ability to expand into new geographic or product markets; our ability to
achieve the acquisition component of our growth strategy; the risk
associated with manufacturing processes; our ability to manage our
assets; the risks associated with our product warranties; our ability to
manage our supply purchasing and customer credit policies; the risks
associated with our self-insured programs; our ability to control labor
costs and to attract, train and retain highly-qualified employees and
key personnel; our ability to protect our intellectual property rights;
changes in laws and regulations, including environmental laws and
regulations; our ability to project product mix; the risks associated
with our current levels of indebtedness; our ability to meet future
capital requirements and fund our liquidity needs; and the other risks
and uncertainties described in the Company’s filings with the Securities
and Exchange Commission. New risks and uncertainties emerge from time to
time and it is not possible for the Company to predict all risks and
uncertainties that could have an impact on the forward-looking
statements contained in this press release. In light of the significant
uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as a
representation by the Company or any other person that the Company’s
expectations, objectives or plans will be achieved in the timeframe
anticipated or at all. Investors are cautioned not to place undue
reliance on the Company’s forward-looking statements and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Advanced Drainage Systems, Inc.
Michael Higgins, 614-658-0050
Mike.Higgins@ads-pipe.com
Source: Advanced Drainage Systems, Inc.