Amentum Holdings (AMTM) said Monday that a secondary offering of about 19.5 million of its common shares has been launched.
in connection with the secondary offering, a Jacobs Solutions (J) unit is expected to exchange about 19.5 million Amentum common shares for debt held by an affiliate of BofA Securities, according to the statement.
Amentum said the selling shareholder plans to sell its Amentum shares to the offering's underwriters if the debt-for-equity exchange is consummated.
Jacobs Solutions will cease to own Amentum shares after the offering's completion, other than shares it could receive upon release of about 9.7 million Amentum shares that are currently in escrow, the company said.
AMTM shares were 7% lower in early trading.
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