BrightView Announces Pricing of Initial Public Offering

BrightView Holdings, Inc. (“BrightView”) today announced the pricing of its initial public offering of 21,300,000 shares of its common stock at $22.00 per share.  Shares of BrightView’s common stock are expected to begin trading on the New York Stock Exchange on June 28, 2018 under the symbol “BV,” and the offering is expected to close on July 2, 2018, subject to customary closing conditions.  BrightView has granted the underwriters a 30-day option to purchase up to an additional 3,195,000 shares of its common stock.

BrightView will receive net proceeds of approximately $435.1 million after deducting underwriting discounts and commissions and estimated offering expenses and intends to use the net proceeds from the offering to repay borrowings outstanding under its second lien term loan facility and its revolving credit facility and, with all remaining proceeds, to repay borrowings outstanding under its first lien term loan facility. 

Goldman Sachs & Co. LLC, J.P. Morgan, KKR Capital Markets and UBS Investment Bank are acting as joint bookrunning managers for the proposed offering, and Baird, Credit Suisse, Macquarie Capital, Jefferies, Mizuho Securities, Morgan Stanley and RBC Capital Markets are also acting as bookrunners for the proposed offering. Nomura, Stifel, William Blair, Moelis & Company and SMBC Nikko are acting as co-managers for the proposed offering. 

A registration statement, including a prospectus, relating to the offering has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”).  This press release shall not constitute an offer to sell or a 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.

The offering of these securities will be made only by means of a prospectus. Copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Prospectus Department at 200 West Street, New York, NY 10282 or by telephone at 866-471-2526 or by facsimile at 212-902-9316, or by email at [email protected]; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204.

Forward Looking Statements 

This press release includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on BrightView’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in BrightView’s filings with the SEC, including its registration statement on Form S-1, as amended from time to time, under the caption “Risk Factors.” Any forward-looking statement in this release speaks only as of the date of this release. BrightView undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.