Legacy Housing’s $48 Million Initial Public Offering

Olshan advised Legacy Housing Corporation on the transaction

Legacy Housing Corporation (Nasdaq: LEGH), the fourth largest producer of manufactured homes in the United States and a recognized leader and innovator in the manufactured housing industry, priced its initial public offering of 4,000,000 shares of common stock at a public offering price of $12.00 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Legacy Housing, are expected to be $48.0 million. All of the common stock in the offering is being offered by Legacy Housing. Legacy Housing has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Legacy Housing common stock at the initial public offering price, less underwriting discounts and commissions.

Legacy Housing intends to use the net proceeds of the offering to expand its retail presence in the southern United States and surrounding geographic markets, provide financing solutions to select housing community-owner customers, repay debt and pursue possible acquisitions, and use the remainder for working capital and general corporate purposes.

Legacy Housing’s common stock is expected to begin trading on The Nasdaq Global Select Market on December 14, 2018, under the ticker symbol “LEGH.” The offering is expected to close on December 19, 2018, subject to satisfaction of customary closing conditions.

The offering is being made through an underwriting group led by B. Riley FBR, Inc., Oak Ridge Financial and National Securities Corporation, which are acting as joint book-running managers for the offering.

Olshan advised Legacy Housing Corporation with a team including Spencer G. Feldman (Picture) and Timothy D. Knox.

Involved fees earner: Spencer Feldman – Olshan Frome Wolosky LLP; Timothy Knox – Olshan Frome Wolosky LLP;

Law Firms: Olshan Frome Wolosky LLP;

Clients: Legacy Housing Corporation;

Author: Ambrogio Visconti