Silver Lake launches secondary offering of 15 million First Advantage shares
FA•Silver Lake funds plan to sell 15 million First Advantage shares in an underwritten secondary offering, with all proceeds going to the selling stockholder. Up to 5.3 million additional shares may be distributed to the seller’s limited partners around closing.
1. Offering details
Silver Lake funds plan to sell 15 million First Advantage common shares at a fixed public price. First Advantage is not selling shares and will receive no proceeds.
2. Additional shares and lock-ups
Up to 5.3 million additional shares will be distributed to the seller’s limited partners around closing and will be exempt from the lock-up. The seller agreed to a 30-day lock-up; directors and officers have no underwriter lock-up. Barclays Capital and J.P. Morgan Securities are underwriting the offering.
