StandardAero completed its Initial Public Offering (IPO) of common stock on October 2, 2024, with shares priced at $24.00 per share. The offering included 69 million shares, comprising 53.25 million shares issued and sold by the company and 15.75 million shares sold by existing stockholders. This event marks StandardAero's transition to a publicly traded entity on the NYSE under the ticker symbol SARO.
The IPO generated net proceeds of approximately $1,202.8 million for StandardAero, after deducting underwriting discounts and estimated offering expenses. These proceeds were strategically utilized to significantly reduce the company's debt burden. Specifically, $475.5 million of outstanding 10.0% Senior Notes and $726.1 million of outstanding 2024 Term Loan Facilities were repaid.
The successful completion of the IPO and the subsequent debt repayment provide StandardAero with increased financial flexibility. This deleveraging is a critical step in improving the company's capital structure and cash flow profile, positioning it for future strategic initiatives and growth as a public company.
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