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You are here: Home / News / Universal Technical Institute Raises $70 Million in Private Placement

Universal Technical Institute Raises $70 Million in Private Placement

June 24, 2016 By CollisionWeek Editor

Universal Technical Institute, Inc. (NYSE:UTI), the provider of technician training for the auto, diesel, motorcycle, marine and collision repair industry, has entered into an agreement to sell 700,000 shares of Series A 7.5% convertible preferred stock to Coliseum Holdings I, LLC, an affiliate of Coliseum Capital Management for $70 million.

Each share of preferred stock is initially convertible into 30.03 shares of UTI common stock, representing a conversion premium of 22.9% based upon UTI’s closing stock price of $2.71 per share on the New York Stock Exchange on June 23, 2016.

UTI will use the proceeds of the private placement

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