PE-backed AFGlobal sets IPO pricing terms

Houston-based AFGlobal, an original equipment manufacturer, has priced its IPO of 18.2 million shares at a price between $15 and $18 per share. The stock will trade on the New York Stock Exchange under the ticker symbol “AFGL.” Goldman Sachs, Credit Suisse Securities (USA) LLC and Piper Jaffray & Co. are the lead underwriters. AFGlobal’s backers include First Reserve and The Carlyle Group.

PRESS RELEASE

HOUSTON–(BUSINESS WIRE)–AFG Holdings, Inc. (NYSE: AFGL) (“AFG” or “AFGlobal”) announced today that it has commenced an initial public offering of 18,200,000 shares of its common stock at an anticipated initial offering price between $15.00 and $18.00 per share pursuant to a registration statement on Form S-1 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”). Of the 18,200,000 shares of AFG’s common stock being sold in the offering, AFG is offering 5,600,000 shares and the selling stockholders named in the Registration Statement (the “Selling Stockholders”) are offering 12,600,000 shares. In connection with the offering, the Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 2,730,000 shares of common stock. The shares have been authorized for listing on the New York Stock Exchange under the ticker symbol “AFGL,” subject to official notice of issuance.

AFG expects to use the net proceeds from the offering to repay in full and terminate its term loan and the remaining net proceeds for general corporate purposes.

Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC and Piper Jaffray & Co. are acting as joint book-running managers and as representatives of the underwriters for the offering. Barclays, Evercore ISI, UBS Investment Bank and Wells Fargo Securities are also acting as joint book-running managers for the offering. The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the preliminary prospectus may be obtained from:

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 1 (866) 471-2526
prospectus-ny@ny.email.gs.com

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
Eleven Madison Avenue, Level 1B
New York, NY 10010
Telephone: 1 (800) 221-1037
newyork.prospectus@credit-suisse.com

Piper Jaffray & Co.
Attention: Prospectus Department
800 Nicollet Mall, J12S03
Minneapolis, MN 55402
Telephone: 1 (800) 503-4611
prospectus@pjc.com

About AFGlobal
AFGlobal is an original equipment manufacturer that designs and manufactures highly-engineered, mission critical equipment and provides complementary consumable products, parts and aftermarket services to a diverse range of customers in the global oil and gas and general industrial end markets. AFGlobal was founded in 1996 and is headquartered in Houston, Texas.