Carbonite, Inc. (NASDAQ:CARB), a leader in data protection, today announced the pricing of an underwritten public offering of 4,765,157 shares of its common stock at the public offering price of $37.50 per share. In addition, 698,080 shares beneficially owned by David Friend, a co-founder and director, have been offered by a selling stockholder at the public offering price. Carbonite has granted the underwriters a 30-day option to purchase up to an additional 819,485 shares of common stock offered by Carbonite in the public offering at the public offering price. The gross proceeds to the Company from the offering, before deducting underwriting discounts and estimated offering expenses, are expected to be $178.7 million, excluding any proceeds from the exercise of the underwriters' option to purchase additional shares. Carbonite intends to use the net proceeds from this offering to repay outstanding amounts under its existing $130 million revolving credit facility and for general corporate purposes, including potential acquisitions. Carbonite does not have any agreements or commitments for any acquisitions or investments at this time. Carbonite will not receive any proceeds from the sale of the shares of common stock by the selling stockholder.
Barclays, Jefferies LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC are acting as lead managers. B. Riley FBR, Inc., Craig-Hallum Capital Group LLC, HSBC Securities (USA) Inc., JMP Securities LLC, Lake Street Capital Markets, LLC, Rosenblatt Securities Inc. and William Blair & Company, L.L.C. are acting as co-managers. The offering is expected to close on or about July 23, 2018, subject to customary closing conditions.
About Carbonite
Carbonite provides a robust Data Protection Platform for businesses, including backup, disaster recovery, high availability and workload migration technology. The Carbonite Data Protection Platform supports businesses, in locations around the world with secure global cloud infrastructure. To learn more visit www.Carbonite.com.
