Advanced Drainage Systems Announces Pricing Of Initial Public Offering Of Common Stock

HILLIARD, Ohio, July 24, 2014 /PRNewswire/ -- Advanced Drainage Systems, Inc. ("ADS"), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, announced today the pricing of its initial public offering of 14,500,000 shares of its common stock at a price to the public of $16.00 per share. ADS is offering 5,289,474 shares of its common stock and the selling stockholders named in the registration statement are offering 9,210,526 shares of common stock. The selling stockholders have granted the underwriters an option to purchase up to an additional 2,175,000 shares of common stock at the initial public offering price less the underwriting discount, within 30 days from the date of the offering. The shares are expected to begin trading on the New York Stock Exchange under the symbol "WMS" on July 25, 2014. The offering is expected to close on or about July 30, 2014, subject to customary closing conditions.

ADS intends to use the net proceeds from this offering to fund repayment of existing indebtedness and general corporate purposes.  ADS will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders.

Barclays and Deutsche Bank Securities are acting as representatives of the underwriters and Barclays, Deutsche Bank Securities, Citigroup and RBC Capital Markets are acting as joint book-running managers for the proposed offering.  BofA Merrill Lynch, Fifth Third Securities and PNC Capital Markets LLC are acting as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. When available, copies of the final prospectus related to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, [email protected], 888-603-5847; or from Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, +1 (800) 503-4611, [email protected].

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.

About Advanced Drainage Systems, Inc.

Advanced Drainage Systems (ADS) is the leading manufacturer of high performance thermoplastic corrugated pipe, providing a comprehensive suite of water management products and superior drainage solutions for use in the construction and infrastructure marketplace. Its innovative products are used across a broad range of end markets and applications, including non-residential, residential, agriculture and infrastructure applications. The Company has established a leading position in many of these end markets by leveraging its national sales and distribution platform, its overall product breadth and scale and its manufacturing excellence. Founded in 1966, the Company operates a global network of 58 manufacturing plants and 28 distribution centers.

Special Note Regarding Forward-Looking and Cautionary Statements

This press release contains forward-looking statements including statements relating to the proposed initial public offering. These statements are not historical facts but rather are based on the Company's current expectations, estimates and projections regarding the Company's business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission.

SOURCE Advanced Drainage Systems, Inc.