Blue Bird Prices Stockholder Equity Offering Of 4.5M Shares

Blue Bird Corp BLBD has priced the underwritten secondary public offering by certain stockholders of 4.5 million shares at $20 per share.

The offer price represents a 4% discount on the company’s closing price on June 7, 2023.

Earlier, affiliates of Coliseum Capital Management LLC and American Securities LLC intended to offer 5 million shares of Blue Bird's common stock.

The offering consists entirely of secondary shares to be sold by the selling stockholders. The selling stockholders will receive all of the proceeds from the offering, while Blue Bird will receive none.

In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 675,000 shares at the public offering price.

The offering is expected to close on June 12, 2023.

BofA Securities and Barclays are acting as joint lead book-running managers for the offering and as representatives of the underwriters.

Price Action: BLBD shares closed lower by 8.40% at $20.93 on Wednesday.