Milacron LLC gave out more details about its proposed initial public stock offering, including the number of shares of common stock — 14,285,714 — and the venue — the New York Stock Exchange.
Milacron filed an amended S-1 form with the U.S. Securities and Exchange on June 15. The plastics machinery manufacturer filed the original S-1 on April 3, announcing its plans to go public. Milacron's owner, private equity firm CCMP Capital Advisors LLC, will continue to own about 62.1 percent of the common stock after the IPO, the amended S-1 said.
Net proceeds from the IPO would be estimated $276.3 million, after deducting expenses and underwriting discounts and commissions, according to the amended S-1. Milacron officials expect the offering price will be between $20 and $22 per share.
According to the filing, Milacron would use the money to repay a portion of the debt outstanding from its term loan — a $730 million secured loan agreement. That term loan has a maturity date of Sept. 28, 2020.
Milacron also would use IPO money to pay $15 million of the debt outstanding under an asset-based lending facility.
Both of those debt instruments were part of a debt restructuring done by the machinery company.
The S-1 document does not give a date when Milacron plans to conduct the stock offering.
Milacron will move its headquarters from the Oakley neighborhood of Cincinnati to Blue Ash, a suburb. Under an Ohio tax credit approved June 1, the company will invest $11 million in its Ohio facilities and add nearly 300 jobs.
