PROVIDENCE – NTK Holdings Inc., the parent company of Nortek Inc., announced Friday that it has filed a registration statement for the proposed initial public offering of its common stock with the Securities and Exchange Commission. The shares of common stock to be sold in the offering are expected to be offered by NTK Holdings and, if the overallotment option is exercised, the selling stockholder.
The net proceeds of the offering of shares by NTK Holdings are expected to be used to repay indebtedness of NTK Holdings and Nortek, including approximately $205 million of new indebtedness expected to be incurred in the near future by NTK Holdings under a new senior unsecured loan facility.
The net proceeds of the new indebtedness are expected to be used to pay a dividend of approximately $174.9 million to the stockholder of NTK Holdings and, together with cash on hand at Nortek, to make a distribution of approximately $54.0 million to participants under the 2004 Nortek Holdings Inc. Deferred Compensation Plan.
Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC are acting as joint global coordinators of the proposed offering. Banc of America Securities LLC and UBS Securities LLC are also acting as book-running managers of the proposed offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
