Triple-S Management Corporation Closes Secondary Offering and Share Purchase
SAN JUAN, Puerto Rico, May 22, 2013 /PRNewswire/ -- Triple-S Management Corporation ("Triple-S" or the "Company") (NYSE: GTS), today announced the conversion of 6,660,423 issued and outstanding shares of Class A common stock into shares of Class B common stock and the closing of its previously announced secondary offering of shares of Class B common stock (the "Offering") by certain selling shareholders. The selling shareholders sold a total of 6,210,423 shares of Class B common stock in this Offering, including 810,055 shares sold pursuant to the underwriters' overallotment option, which was exercised in full prior to the closing. As part of the Offering, 5,210,423 shares were sold to the public and 1,000,000 shares were purchased by the Company, in each case, at a price of $18.25 per share. The selling shareholders were holders of Class A common stock who elected to convert shares of Class A common stock into shares of Class B common stock in connection with the Offering. Triple-S did not receive any proceeds from the Offering.
Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC served as joint book-running managers, with Stifel, Nicolaus & Company, Incorporated acting as co-manager for the Offering.
The Offering was made only by means of a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. Copies of the prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, by telephone at +1 (800) 221-1037 or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Triple-S Management Corporation
Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is the leading player in the managed care industry in Puerto Rico. Triple-S Management also has the exclusive right to use the Blue Cross Blue Shield name and mark throughout Puerto Rico and the U.S. Virgin Islands. With more than 50 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the Commercial and Medicare Advantage markets under the Blue Cross Blue Shield marks. In addition to its managed care business, Triple-S Management provides non-Blue Cross Blue Shield branded life and property and casualty insurance in Puerto Rico.
SOURCE Triple-S Management Corporation