Ranpak slips after pricing equity offering

Ranpak Holdings

27/05/2021 11:08

** Shares of sustainable packaging co Ranpak Holdings
 PACK.N  down >4% at $21.37 premarket after equity offering
prices
    ** PACK late Weds announced 5 mln shares priced at $21, 6.2%
discount to stock's last sale  urn:newsml:reuters.com:*:nBwd8WYza
    ** Co sold 4.5 mln shares, the balance sold by affiliates of
its sponsor One Madison Group
    ** PACK to use net offering proceeds it receives to repay
term loan facility held by Goldman Sachs  GS.N , and for general
corp purposes
    ** Goldman Sachs and Baird jt bookrunners
    ** PACK has ~75.9 mln shares outstanding and ~66.5 mln of
free float, per Refinitiv data
    ** Shares on Weds fell 9.3%, snapped 9-session winning
streak. But stock up ~67% YTD as co benefits from economic
reopening
    ** PACK went public in 2019 after SPAC merger with One
Madison

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))