BrightView Holdings, a commercial landscaper based in Blue Bell, Pennsylvania, has announced that it has secured a substantial $500 million investment to strengthen its balance sheet. One Rock Capital Partners, a private-equity firm, will purchase $500 million worth of convertible preferred stock.
The funds raised from this investment will be allocated wisely, with 90% of the proceeds going towards debt repayment. The remaining amount, combined with increased free cash flow resulting from lower interest expenses, will allow BrightView to pursue strategic acquisitions of complementary landscape businesses and other important initiatives.
The preferred stock being offered by BrightView carries a 7% annual dividend, compounded quarterly. This dividend can be paid in cash or in-kind at the company's discretion. Furthermore, the preferred stock can be converted into common stock at a price of $9.44 per share, representing a premium of nearly 16% over the closing price of $8.15 on Friday. Additionally, the preferred stock will have voting rights equivalent to the company's common stock on an as-converted basis.
As part of this investment, Kurtis Barker and Joshua Goldman from One Rock will join the BrightView board, bringing valuable expertise and insights.
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