Thermon Group Holdings, Inc. Announces Pricing of Its Initial Public Offering
SAN MARCOS, Texas (GLOBE NEWSWIRE) -- Thermon Group Holdings, Inc. ("Thermon") announced the pricing of its initial public offering of 10,000,000 shares of common stock at a public offering price of $12.00 per share. The shares began trading today, May 5, 2011, on the New York Stock Exchange under the ticker symbol "THR", and the offering is expected to close on May 10, 2011.
Of the 10,000,000 shares of common stock to be sold to the public, 4,000,000 shares are being offered by Thermon and 6,000,000 shares are being offered by the selling stockholders. Thermon and the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares at the initial public offering price to cover overallotments, if any.
The selling stockholders in the initial public offering include affiliates of the private equity firms CHS Capital LLC and Thompson Street Capital Partners, certain other investment funds and other non-management selling stockholders.
Thermon expects to use the net proceeds from the offering to prepay $21.0 million of the $189.0 million principal amount of its outstanding 9.500% Senior Secured Notes due 2017, and the balance for general corporate purposes. Thermon will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders.
Barclays Capital Inc. and Jefferies & Company, Inc. are acting as joint book-running managers for the offering. William Blair & Company, L.L.C., BMO Capital Markets Corp. and KeyBanc Capital Markets Inc. are acting as co-managers of the offering.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. The offering of these securities is being made only by means of a prospectus forming part of the effective registration statement, copies of which may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, e-mail: Barclaysprospectus@broadridge.com, Toll Free # 1 (888) 603-5847; or from Jefferies & Company, Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, e-mail: Prospectus_Department@Jefferies.com, Toll-Free # (877) 547-6340. The final prospectus, when it is available, also may be obtained on the Securities and Exchange Commission's website at
This press release shall not constitute an offer to sell or a solicitation of any offer to buy, 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.
Through its global network, Thermon provides highly engineered thermal solutions, known as heat tracing, for process industries, including energy, chemical processing and power generation. Thermon's products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance, environmental monitoring and surface snow and ice melting. Thermon is headquartered in San Marcos, Texas.
The Thermon logo is available at
This release may include forward-looking statements within the meaning of the U.S. federal securities laws in addition to historical information. When used, the words "anticipate," "assume," "believe," "budget," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "will," "future" and similar terms and phrases are intended to identify forward-looking statements in this release. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our financial condition, results of operations and cash flows. The statements include but are not limited to statements regarding our intended use of proceeds from this offering. Actual events, results and outcomes may differ materially from our expectations due to a variety of factors. We do not intend to update the forward-looking statements in this release unless we are required to do so under applicable securities laws.
CONTACT: Sarah Alexander