EVERTEC, Inc. (NYSE:EVTC) (“EVERTEC” or the “Company”) announced today
the commencement of an underwritten public offering of 15,287,473 shares
of its common stock by an affiliate of Apollo Global Management, LLC
(“Apollo”), Popular, Inc., and certain officers and employees of the
Company (collectively, the “Selling Stockholders”). The Selling
Stockholders will receive all of the proceeds from the offering.
In addition, EVERTEC announced that it will repurchase from the
underwriters $75 million of its common stock being sold by the Selling
Stockholders in the offering. EVERTEC will repurchase its common stock
at the price per share paid by the underwriters to purchase the shares
from the Selling Stockholders in the offering. The repurchased shares
will be cancelled by EVERTEC and will no longer be outstanding following
completion of the offering. EVERTEC intends to fund the share repurchase
with approximately $25 million in cash on hand and approximately $50
million of borrowings under its revolving credit facility.
Assuming the share repurchase took place at the beginning of the year,
EVERTEC believes that it will result in approximately 4% accretion to
estimated 2013 Adjusted Net Income per diluted share.
Goldman, Sachs & Co., and J.P. Morgan Securities LLC are acting as
underwriters for the offering. The offering is being made only by means
of a preliminary prospectus.
The Company has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (the “SEC”) for the offering
to which this communication relates, which registration statement has
been declared effective by the SEC. Before you invest, you should read
the prospectus in that registration statement and other documents the
Company has filed with the SEC for more complete information about the
issuer and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov.
The registration statement (including the prospectus) is also available
at http://www.sec.gov/Archives/edgar/data/1559865/000119312513460764/0001193125-13-460764-index.htm.
Alternatively, the Company, any underwriter or any dealer participating
in the offering will arrange to send you the preliminary prospectus if
you request it by contacting: Goldman, Sachs & Co., Prospectus
Department, 200 West Street, New York, NY 10282, by calling (866)
471-2526, or by emailing prospectus-ny@ny.email.gs.com
or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or by calling (866) 803-9204.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Nothing in this press release should be construed as an
offer to sell, or the solicitation of an offer to buy, any securities
subject to the share repurchase.
About EVERTEC
EVERTEC is the leading full-service transaction processing business
in Latin America and the Caribbean. Based in Puerto Rico, EVERTEC
provides a broad range of merchant acquiring, payment processing and
business process management services across 19 countries in the region.
EVERTEC processes over 1.8 billion transactions annually over the
electronic payment networks that it manages. EVERTEC is the largest
merchant acquirer in the Caribbean and Central America and the seventh
largest in Latin America. EVERTEC owns and operates the ATH network, one
of the leading personal identification number (“PIN”) debit networks in
Latin America. In addition, EVERTEC provides a comprehensive suite of
services for core bank processing, cash processing and technology
outsourcing. EVERTEC serves a broad and diversified customer base of
leading financial institutions, merchants, corporations and government
agencies with 'mission critical' technology solutions.
Forward-Looking Statements
The information in this press release contains forward-looking
information that involves substantial risks and uncertainties regarding
the proposed public offering by EVERTEC. EVERTEC assumes no obligation
to update any forward-looking statements contained in this press release
as the result of new information, future events or otherwise.
Copyright Business Wire 2013