TRW Secondary Stock Issue Launched
TRWAutomotive Holdings is about to undergo a bit of a shift in its shareholder structure, if a secondary stock offering goes as planned. Two major shareholding groups, Automotive Investors, an affiliate of Blackstone Group, and "certain members" of TRW's management, are offering a combined 10.9 million shares in an underwritten secondary issue. Slightly more than 10.27 million of those shares belong to Automotive Investors, while the rest are in the hands of the management group.
In the press release announcing the news, TRW stressed that it will receive no proceeds from the offering, as it is not the selling party.
Citigroup is the sole-book running manager and underwriter of the issue.
At the moment, TRW has just more than 117 million shares outstanding, and its stock most recently closed at $72.43 per share.
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