Core & Main Inc., a player in the reliable infrastructure industry, has recently made an announcement. The company is set to launch an underwritten secondary public offering of 14 million shares of its Class A common stock. In addition to this offering, Core & Main has revealed its plans to repurchase and redeem a significant number of shares, further solidifying its commitment to its shareholders and overall growth strategy.

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Details of the Offering and Stock Buyback

Core & Main Inc. will not be offering any shares of Class A common stock in the secondary public offering. Instead, certain selling stockholders will be responsible for offering the shares to interested investors. The completion of the offering is subject to market conditions, and there is no guarantee regarding its timing or successful execution.

Simultaneously, Core & Main has unveiled its intention to repurchase and redeem shares of its Class A common stock, as well as partnership interests in its subsidiary, Core & Main Holdings, LP. The company plans to buy back 3,125,728 shares of its Class A common stock and 1,874,272 partnership interests, along with a corresponding number of shares of Class B common stock, all at the same per share price offered by the underwriter to the selling stockholders involved in the offering. It's important to note that the completion of the stock repurchase is contingent upon the successful closing of the secondary offering.

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Underwriter and Sale Methods

J.P. Morgan Securities LLC has been appointed as the sole underwriter for the secondary public offering. As the underwriter, they have the authority to sell the shares of Class A common stock through various channels. These may include transactions on the New York Stock Exchange (NYSE), over-the-counter markets, negotiated transactions, or any other suitable means. The shares will be sold at prevailing market prices, prices tied to market rates, or negotiated prices, depending on the circumstances at the time of sale.