BRISTOL WEST ANNOUNCES EXERCISE OF OVER-ALLOTMENT
OF 2,250,000 SHARES IN IPO
DAVIE, FL, February 13, 2004
-- Bristol West Holdings, Inc. (NYSE: BRW) announced
today that the underwriters of its initial public
offering of common stock have exercised in full
their over-allotment option to purchase an additional
2,250,000 shares. The over-allotment was purchased
from the selling stockholders, principally Bristol
West Associates LLC, an affiliate of Kohlberg
Kravis Roberts & Co. L.P., and, as a result,
the Company did not receive any of the proceeds
from the over-allotment exercise.
A total of 17,250,000 shares were sold in the
initial public offering. Of the shares sold,
6,250,000 were sold by the Company with net
proceeds to the Company of approximately $114.5
million. The Company intends to contribute $110
million of the proceeds to its insurance subsidiaries
to increase their stockholders equity.
The shares began 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)
acted 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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