Atento S.A. Expects To Price IPO In $19 - $22 Per Share Range

(RTTNews) - Atento S.A., a provider of customer relationship management and business process outsourcing services in Latin America and Spain, disclosed in a regulatory filing that it expects to price its initial public offering between $19.00 and $22.00 per ordinary share.

In the offering, Atento S.A is offering about 4.05 million ordinary shares and the selling shareholder is offering an additional about 10.58 million ordinary shares.

The company said it will not receive any proceeds from the sale of the ordinary shares offered by the selling shareholder.

The company stated that it has applied to list its ordinary shares on the New York Stock Exchange under the symbol "ATTO."

The selling shareholder has granted the underwriters an option, exercisable within 30 days from the date of this prospectus, to purchase from the selling shareholder up to an aggregate of 2.19 million additional ordinary shares, respectively.

The company estimates that the net proceeds to it from this offering, after deducting underwriting discounts and commissions (including commissions payable in respect of the sale of ordinary shares by the selling shareholder, estimated at $11.9 million, or $14.4 million if the underwriters exercise their option to purchase 2.19 million additional ordinary shares from the selling shareholder) and estimated offering expenses (including fees payable to Bain Capital Partners, LLC) payable by it, will be about $30.5 million , assuming the ordinary shares are sold at $20.50 per ordinary share, the midpoint of the price range set forth on the cover page of this prospectus.

The company estimates that net proceeds to the selling shareholder will be approximately $216.8 million, or $261.8 million if the underwriters exercise their option to purchase additional shares in full, assuming the ordinary shares are sold at $20.50 per ordinary share.

The company intends to use the net proceeds to it from the sale of ordinary shares in this offering, together with cash on hand, to repay the entire outstanding amount due under its vendor loan note issued to an affiliate of Telefónica in connection with the Acquisition, of which $31.4 million remains outstanding as of June 30, 2014. It will use any remaining net proceeds from this offering for general corporate purposes.

The Atento business was founded in 1999 in Madrid, Spain. In 1999, it generated less than $50 million in revenue and operated fewer than 20,000 workstations and Telefónica accounted for nearly 90% of its total sales. Bain Capital acquired the Atento Group from Telefónica on December 12, 2012 pursuant to the terms of a purchase agreement dated as of October 11, 2012, among Atento Luxco 1 S.A.and certain of its affiliates, and Telefónica.

In 2013, the company said it generated more than $2.3 billion in revenue and operated more than 81,000 workstations. For the six months ended June 30, 2014, Telefónica accounted for 46.7% of its revenue.