Steel Partners Holdings LP SPLP:NYSE

Last Price$41.98NYSE Closing Price as of 7:00PM ET 6/30/22

Today's Change+0.34(0.80%)
Bid (Size)$16.66 (1)
Ask (Size)$42.00 (7)
Day Low / High$41.09 - 42.30
Volume5.2 K

Steel Partners Launches Offer to Buy up to $100 Million of its Units

4:37PM ET 4/07/2022 MT Newswires
Steel Partners Holdings (SPLP) said Thursday its board has authorized a modified Dutch auction tender offer to buy for cash up to $100 million of its units at a price between $40 and $42 per unit.

The closing price of the units on April 6 was $40.54, Steel Partners said. The offer will start on April 7 and expire on May 6.

The company said it will select a single price per unit within a range based on the number of units tendered and the prices specified by the tendering unitholders. All units will be bought at the same price per unit even if a unitholder tendered at a lower price, it said.

Steel Partners said it had 20,715,251 units outstanding as of April 7. At the maximum price of $42 per unit, it could buy 2,380,952 common units if the offer is fully subscribed. At the minimum price of $40 per unit, it could buy 2 million units if the offer is fully subscribed.

Steel Partners said it plans to fund the offer with cash and borrowings under its credit facility.

Price: 40.35, Change: +0.36, Percent Change: +0.9