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Equiniti said gross proceeds from the initial public offering
(IPO) would be used to repay part of its bank debt and pay for
certain transaction, tax and other financing related costs
arising as a result of the listing. It did not say how much of
the company it planned to float.
The firm provides share registration services to about 70 of the
companies in the FTSE 100 and also administration of employee
share plans, pensions administration and software. It said it
made adjusted earnings before interest, tax, depreciation and
amortization (EBITDA) of 82 million pounds in the year to the
end of June, on revenue of 350 million pounds.
It said it would target having net debt of about 3.25 times its
2015 earnings by the end of this year.
The company was formed as a stand-alone group in 2007 after
being carved out from Lloyds TSB - now part of Lloyds Banking
Group, and is about 85-percent owned by private equity firm
Advent International.
Equiniti said Advent could sell shares in the offer, as could
directors of the company and other investors.
Barclays and Goldman Sachs are handling the offer and Credit
Suisse is a joint bookrunner.
($1 = 0.6602 pounds)
(Reporting by Steve Slater; Editing by Pravin Char)
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