Bally’s prices stock offering ahead of Gamsey acquisition
Bally’s Corporation has priced its previously announced public offering of 11,000,000 shares of its common stock at $55.00 per share.
The offering is expected to close on April 20, 2021, subject to customary closing conditions.Bally’s has granted the underwriters in the offering an option for a period of 30 days to purchase up to an additional 1,650,000 shares of common stock.
Bally’s expects the net proceeds from the offering to be approximately $583.8 million (or $671.4 million if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts but before expenses.
Bally’s intends to apply the net proceeds from the offering to fund a portion of the cash consideration payable to shareholders of Gamesys Group plc upon consummation of the previously announced combination of Bally’s and Gamesys the Combination.
If the Combination is not consummated, Bally’s expects to apply the net proceeds from the offering for general corporate purposes, which may include repayment of debt, repurchases of its common stock, capital expenditures, acquisitions and investments.
Bally’s common stock is listed on the New York Stock Exchange under the symbol “BALY.”