Enact Holdings Completes IPO
Summary
Enact is now trading on the Nasdaq Global Select Market under the ticker symbol "ACT." In addition, certain investment funds managed by Bayview Asset Management, LLC (Bayview) purchased 14,655,600 shares of Enacts common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price less the underwriting discount per share. These transactions, including the IPO and the private sale of shares to Bayview, resulted in a total sale of 29,962,560 shares and GHI received aggregate net proceeds after underwriters fees of approximately $535 million, before other fees and expenses. Genworths ownership of Enact decreased from 100% to 81.6% as a result of these sales. The company plans to use the net proceeds from the transactions to retire in full the outstanding balance on its promissory note with AXA and partially repay other outstanding indebtedness.