CommScope Prices IPO At $15/share, Below Estimated Range - Quick Facts

(RTTNews) - CommScope Holding Co., a global provider of connectivity and infrastructure solutions for wireless, business enterprise and residential broadband networks, announced that it has priced its initial public offering of 38.46 million shares at $15.00 per share, below its expected price range.

In the amended S-1 filing with the SEC, the company had expected the pricing between $18.00 and $21.00 per share.

The Hickory, North Carolina-based CommScope shares are expected to begin trading October 25, on the NASDAQ Global Select Market under the ticker symbol "COMM."

CommScope said it is offering 30.77 million shares, and an affiliate of The Carlyle Group, the Selling Stockholder, is offering 7.69 million shares.

The Selling Stockholder has also granted underwriters a 30-day option to buy up to an additional 5.77 million shares at the initial public offering price.

CommScope said it will not receive proceeds from any exercise by underwriters of their option to purchase additional shares from the Selling Stockholder.

CommScope expects to receive offering proceeds, net of underwriting discounts, of about $437.3 million and intends to use the proceeds plus cash on hand, to redeem about $399 million 8.25% Senior Notes due 2019 and to pay related premiums, expenses and accrued interest.

J.P. Morgan, Deutsche Bank Securities and BofA Merrill Lynch are acting as lead book-running managers.