Finance History | 11 Wall Street — Twelve Dollars for Eleven Million New Box Shares Called PKG
· 2000-1
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Finance History | 11 Wall Street — Twelve Dollars for Eleven Million New Box Shares Called PKG
kevin
People treat Packaging Corporation of America as a Lake Forest containerboard mill that always printed PKG after a finished New York book.
The January 2000 issuer was Packaging Corporation of America, a Delaware company formed in 1999 when Madison Dearborn Partners bought Tenneco Packaging's containerboard and corrugated business from Pactiv.
PCA's 2000 Form 10-K records that on 28 January 2000 Pactiv sold 35,000,000 of its 41,160,240 PCA shares and PCA issued 11,250,000 new shares, both at an offering price of 12 dollars per share in 2000 currency.
Net proceeds to PCA were about 126.4 million dollars after discounts and expenses. The company used substantially all of that cash to redeem its 12 3/8 percent senior exchangeable preferred stock.
The present tape is still PKG on the New York Stock Exchange.
The mechanism is a leveraged buyout book going public: the operating mills kept running while a selling stockholder dumped most of its residual stake and the issuer printed just enough new paper to retire preferred stock.
The pin is the public Broad Street facade of the Exchange, the present street marker for the tape that has printed PKG.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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