Air Transport Services Group, Inc. (NASDAQ: ATSG) has priced an underwritten secondary offering by one of its existing stockholders of 3,806,374 shares of the company´s common stock, the company said.
ATSG has agreed to repurchase from the underwriter 380,637 of such shares at a price per share equal to the price per share paid by the underwriter to the selling stockholder in the offering.
The selling stockholder granted to the underwriter an option to purchase up to an additional 570,956 shares of the company´s common stock. The selling stockholder will receive all of the net proceeds from the offering. No shares are being sold by ATSG in the offering. The offering is expected to close June 6, 2017, subject to customary closing conditions.
BofA Merrill Lynch is acting as underwriter for the offering. The underwriter may offer the shares of common stock from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
ATSG is a provider of aircraft leasing and air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. ATSG, through its leasing and airline subsidiaries, is the world´s largest owner and operator of converted Boeing 767 freighter aircraft.