SiteOne Landscape Supply falls from record high on stock offering

SiteOne Landscape Supply

04/08/2020 14:28

** SiteOne Landscape Supply Inc  SITE.N  shares down ~7% at
$122.60 premarket after co prices follow-on
    ** SITE sells 2.15 mln shares for gross raise of $264 mln
for general corp purposes, including acquisitions, repayment and
refinancing of debt  urn:newsml:reuters.com:*:nBw5RJDsda
    ** Offering prices at $123, 6.8% discount to stock's record
high close of $131.94
    ** BofA sole underwriter
    ** SITE has 42 mln shares outstanding for $5.5 bln market
cap, per Refinitiv data
    ** Co last Weds posted 5th straight qtrly EPS beat (per
Refinitiv data), benefiting from pandemic-related stay-at-home
orders as homeowners invest in outdoor living spaces
 urn:newsml:reuters.com:*:nBw2X5l1la
    ** Shares have gained 45.5% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))