Universal Technical Institute prices IPO

PHOENIX, Ariz. – The initial public offering of dealer training firm Universal Technical Institute, Inc. (NYSE: UTI), which consists of 7,500,000 shares of common stock, has been priced at $20.50 per share, the company reported in a statement yesterday. The common stock will be listed on the New York Stock Exchange under the symbol “UTI” and was expected to begin trading yesterday.

Universal Technical Institute, Inc. has agreed to sell 3,250,000 shares and selling stockholders have agreed to sell 4,250,000 shares. The underwriters have been granted the option to purchase up to an additional 1,125,000 shares from the selling stockholders to cover over-allotments, if any, UTI reported.

The company said it intends to use net proceeds from the offering to repay outstanding indebtedness, to pay all accrued dividends on and redeem a portion of the shares of the outstanding preferred stock, and for general corporate purposes.

Credit Suisse First Boston acted as lead manager for the offering and the co-managers were Banc of America Securities LLC, Jefferies & Company, Inc., Thomas Weisel Partners LLC, SunTrust Robinson Humphrey and ThinkEquity Partners LLP.

Universal Technical Institute, Inc. provides technical education training in automotive, diesel, collision repair and refinishing, motorcycle, marine and personal watercraft technologies.

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