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Corel Corporation Completes Initial Public Offering; Finalizes Acquisition of WinZip Computing
Corel Corporation Completes Initial Public Offering; Finalizes Acquisition of WinZip Computing.
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[{"type":"text","content":"\n\n\n\n\nOTTAWA, May 2 /CNW/ - Corel Corporation (NASDAQ:CREL)(TSX:CRE) today\nannounced the closing of its initial public offering of 6,500,000 common\nshares at an initial public offering price of US $16.00 (CDN $18.11) per\nshare. The offering includes 5,000,000 common shares sold by Corel and\n1,500,000 common shares sold by certain selling shareholders. Corel and the\nselling shareholders granted the underwriters the right to purchase up to an\nadditional 975,000 common shares to cover over-allotments.\nConcurrent with the close of its initial public offering, Corel has\nacquired all of the outstanding securities of WinZip from Vector Capital. The\npurchase price for the acquisition was 4,322,587 of Corel's common shares.\nIn conjunction with the closing of this offering, Corel borrowed US $90.0\nmillion under the term loan portion of its new credit facility. Corel will use\nthese proceeds, together with net proceeds of approximately US $69.0 million\nfrom the offering, to repay outstanding debt under its existing credit\nfacilities and all outstanding indebtedness of WinZip, to pay financing fees\nand expenses associated with its new credit facility, and for general\ncorporate purposes, which may include acquisitions.\nMorgan Stanley & Co. Incorporated acted as lead bookrunning manager for\nthe offering. JPMorgan, Deutsche Bank, Piper Jaffray, CIBC World Markets and\nCanaccord Adams were co-managers.\nA copy of the prospectus relating to this offering may be obtained from\nMorgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014 or by\nemailing prospectus(at)morganstanley.com. It may also be accessed through Corel's\nwebsite at www.corel.com or directly from the U.S. Securities and Exchange\nCommission at www.sec.gov.\nThe final supplemented Canadian prospectus has been filed with the\napplicable Canadian securities authorities and is available at www.sedar.com.\nThis release shall not constitute an offer to sell or the solicitation of\nan offer to buy, nor shall there be any sale of these securities or any\nacceptance of an offer to buy these securities in any State, province or other\njurisdiction in which such offer, solicitation, or sale would be unlawful\nprior to their registration or qualification under the securities laws of any\nsuch State, province or jurisdiction.\n\nAbout Corel Corporat...