CoStar Group, Inc. Announces Upsize and Pricing of Common Stock Offering
May 20 2020 - 09:18PM
Business Wire
CoStar Group, Inc. (Nasdaq: CSGP) (“CoStar”) announced today
that it has upsized and priced its offering of 2,290,076 shares of
its common stock at a price of $655.00 and granted the underwriters
in the offering a 30-day option to purchase up to an additional
343,511 shares of its common stock at the same price. The offering
was upsized from the previously announced aggregate offering price
of $1.25 billion to an aggregate offering price of $1.5 billion.
Goldman Sachs & Co. LLC, J.P. Morgan, BofA Securities and
Citigroup are acting as joint book-running managers for the
offering. The offering is expected to close on May 26, 2020,
subject to customary closing conditions. CoStar expects to use the
net proceeds of the offering to fund all or a portion of the costs
of any strategic acquisitions it determines to pursue in the
future, to finance the growth of its business and for working
capital and other general corporate purposes.
The shares are being offered pursuant to an effective shelf
registration statement that has been filed with the Securities and
Exchange Commission (“SEC”). A preliminary prospectus supplement
related to the offering has been filed with the SEC and is
available on the SEC’s website at http://www.sec.gov. Copies of the
prospectus supplement and accompanying prospectus relating to the
offering, when available, may be obtained from: Goldman Sachs &
Co. LLC, Prospectus Department, 200 West Street, New York, NY
10282, telephone at (866) 471-2526, facsimile at (212) 902-9316 or
by emailing prospectus-ny@ny.email.gs.com or J.P. Morgan Securities
LLC, Attention: Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by
email at prospectus-eq_fi@jpmchase.com.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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. The offering of these securities will be made only by
means of the prospectus supplement and the accompanying
prospectus.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq: CSGP) is the leading provider of
commercial real estate information, analytics and online
marketplaces. Founded in 1987, CoStar conducts expansive, ongoing
research to produce and maintain the largest and most comprehensive
database of commercial real estate information. Our suite of online
services enables clients to analyze, interpret and gain unmatched
insight on commercial property values, market conditions and
current availabilities. Headquartered in Washington, DC, CoStar
maintains offices throughout the U.S. and in Europe, Canada and
Asia with a staff of over 4,200 worldwide, including the industry’s
largest professional research organization.
Forward-looking statements
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about CoStar’s plans, objectives, expectations and intentions and
other statements including words such as “hope,” “anticipate,”
“may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,”
“estimate,” “predict,” “continue” and “potential” or the negative
of these terms or other comparable terminology. Such statements are
estimates reflecting our judgment, beliefs and expectations, not
guarantees of future performance. They are subject to a number of
assumptions, risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements. More information about potential
factors that could cause results or other outcomes to differ
materially from those expressed or implied in the forward-looking
statements can be found in CoStar’s Annual Report on Form 10-K for
the year ended December 31, 2019, Quarterly Report on Form 10-Q for
the quarter ended March 31, 2020, each of which is filed with the
SEC, including in the “Risk Factors” section of those filings, and
the company’s other filings with the SEC available at the SEC’s
website (www.sec.gov). CoStar assumes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200520005915/en/
Investors Scott Wheeler Chief Financial Officer (202)
336-6920 swheeler@costar.com
Sarah Spray Vice President, Investor Relations (202) 346-6394
sspray@costar.com
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