Leonardo SpA (“Leonardo”) announced today the completion of the public offering in the United States, on 21 November 2023, by its subsidiary Leonardo US Holding, LLC (the “Selling Shareholder”), of a stake minority stake - equal to 20.700.000 ordinary shares - of Leonardo DRS, Inc. (“DRS”), at an offer price of $17,75 per share. The amount of shares sold includes the 18.000.000 ordinary shares initially offered as well as a further 2.700.000 shares subject to the full exercise of the purchase option on 17 November 2023 by the underwriting banks. All shares in the offering were sold by the Selling Shareholder. DRS did not receive any proceeds from the offering.
Following the completion of the offering, the option to purchase an additional 2.700.000 shares having been fully exercised, the Selling Shareholder holds approximately 72,3% of the issued and outstanding ordinary shares of DRS.
Morgan Stanley, BofA Securities and JP Morgan acted as joint book-running managers for the proposed offering. Baird, Goldman Sachs & Co. LLC and Trust acted as joint bookrunners for the proposed offering. CJS Securities acted as co-manager for the offering.
The shares of common stock being offered were offered pursuant to a shelf registration statement on Form S-3, effective automatically, filed by DRS with the Securities and Exchange Commission on November 15, 2023. The offering was made exclusively by means of a prospectus of DRS, which constitutes an integral part of the registration statement, and a supplementary document to this prospectus.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to of registration or qualification under the securities laws of such state or jurisdiction.