Administaff Inc. prices initial public offering at $17 per share; Colorado office most recent addition to company.HOUSTON--(BUSINESS WIRE)--Feb. 14, 1997--Administaff Inc., a leading provider of professional employer services and recent arrival in the Denver marketplace, announced last week that it has commenced the public offering of 3 million shares of its common stock at a price of $17 per share. Following the closing of the offering on Feb. 3, 1997, there were 13.4 million shares outstanding. The stock will trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "ASF See Windows Media formats. 1. (language) ASF - Algebraic Specification Language. 2. (body) ASF - Analytical Solutions Forum. ." Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. &
Co. Inc. and Donaldson, Lufkin & Jenrette Securities Corp. acted as
co-managers of the underwriting.
The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Administaff from the sale of the common stock are estimated to be $45.7 million. Of these proceeds, Administaff currently expects to allocate approximately $12 million to support expansion of its operations, including the opening of sales offices in new geographic markets as well as in established markets. The Denver office is the most recent addition, opening in August 1996. As favorable opportunities arise, Administaff will expand its client base in new or existing markets through acquisition of an existing Professional Employer Organization A professional employer organization (PEO) provides outsourcing of payroll, workers' compensation, human resources and employee benefits administration. It does this by hiring a client company’s employees, thus becoming their employer of record. (PEO) office. In addition, the company intends to use approximately $7.2 million of such proceeds to repay certain outstanding subordinated notes, to exercise certain options to repurchase common stock and common stock warrants, and to repay certain mortgage indebtedness. The balance of the net proceeds, approximately $26.5 million, will be used for working capital purposes, which may include acquisitions of existing PEO operations should favorable opportunities arise. Administaff Inc., headquartered in Houston, has offices in 10 markets, including its Denver Cherry Creek Cherry Creek may refer to:
This news release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. CONTACT: Thompson Communications Inc., Denver Miriam Thompson, 303/292-1150 |
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