Finance History | 11 Wall Street — Twenty-One Dollars After the KKR Buyout
· 2009-11
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Finance History | 11 Wall Street — Twenty-One Dollars After the KKR Buyout
kevin
People treat Dollar General as a Goodlettsville discount chain that always printed DG.
The 2009 issuer was a company a KKR-led group had taken private in July 2007, returning to the tape after two years off the list.
Reuters reported the offering priced on 12 November 2009 at 21.00 dollars a share, the low end of a 21-to-23 dollar range. Dollar General and selling holders offered 34.1 million shares. Gross proceeds were 716.1 million dollars in 2009 currency.
The company sold 22.7 million shares. A KKR vehicle, Buck Holdings, sold 11.4 million and was still expected to hold about 89.5 percent after the deal. Company proceeds were slated to repay debt.
The New York Times DealBook recorded the same 34.1 million shares at 21.00 dollars and the Friday listing on the New York Stock Exchange under DG. Renaissance Capital dated the pricing to 12 November and the expected first print to 13 November 2009.
Bloomberg put the first-day close at 22.73 dollars on 13 November 2009, up 1.73 dollars from the offer.
The mechanism is a sponsor exit IPO. Holders bought a levered small-box retailer, not the 1968 public book that had been taken off the tape.
The pin is the Broad Street facade of the Exchange, where DG still prints. 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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