BRISTOL WEST HOLDINGS ANNOUNCES PRICING OF
IPO
DAVIE, FL, February 11, 2004
-- Bristol West Holdings, Inc. (NYSE: BRW) announced
today that its initial public offering (IPO)
of 15,000,000 shares was priced at $20.00 per
share. Of the shares being sold in the IPO,
6,250,000 are being offered by Bristol West
Holdings. The remainder, 8,750,000 shares, is
being offered by current stockholders of the
company, principally Bristol West Associates
LLC, an affiliate of Kohlberg Kravis Roberts
& Co. L.P. The selling stockholders have
granted the underwriters an option to purchase
up to an additional 2,250,000 shares of common
stock to cover over-allotments, if any.
The shares are scheduled to begin trading on
Thursday, February 12, 2004, on the New York
Stock Exchange under the symbol “BRW.”
Credit Suisse First Boston and Bear, Stearns
& Co. Inc. (joint book-running managers)
are acting as the lead managers of the offering.
Co-managers for the offering are JPMorgan, UBS
Investment Bank, Dowling & Partners Securities,
LLC, Keefe, Bruyette & Woods, and Cochran,
Caronia & Co. Copies of the final prospectus
relating to the offering may be obtained from
Credit Suisse First Boston, Prospectus Department,
One Madison Avenue, New York, New York 10010,
telephone number: 212-325-2580.
Bristol West Holdings, Inc. began its operations
in 1973, and provides non-standard private passenger
automobile insurance exclusively through agents
and brokers in 17 states. For more information
about Bristol West, please visit www.bristolwest.com.
A registration statement relating to these
securities was declared effective by the U.S.
Securities and Exchange Commission on February
11, 2004. The public offering is being made
solely by means of a prospectus. This press
release shall not constitute an offer to sell
or the solicitation of an offer to buy. No sale
of these securities may take place in any jurisdiction
in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
Contacts:
Craig Eisenacher
Senior Vice President, Corporate Finance
Bristol West Holdings, Inc.
954-316-5200
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