GTT Communications, Inc. (NYSE: GTT) said it has announced the pricing of a public offering of 3,000,000 shares of common stock at a purchase price of USD7.75 per share.
The net proceeds to GTT from this offering are expected to be approximately USD21.5m, after deducting underwriting discounts and other estimated offering expenses payable by GTT. GTT has also granted the underwriters an option to purchase up to 450,000 additional shares of common stock to cover over-allotments, if any.
The offering is expected to close on May 28, 2014, subject to customary closing conditions. GTT will use the net proceeds from this offering of common stock for general corporate purposes.
In connection with the offering William Blair and company, L.L.C. acted as lead book-running manager. Craig-Hallum Capital Group LLC and Pacific Crest Securities LLC acted as joint book-running managers and Drexel Hamilton, LLC acted as Co-Manager.