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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2016
SUBSEQUENT EVENTS.  
SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

 

On February 13, 2017, the Company completed an additional public offering of 19,047,619 shares of Class A common stock at a price of $31.50 per share ($600,000,000), resulting in net proceeds of $579,000,000 after underwriters commission. The Company used a portion of the net proceeds to repay the aggregate principal amount of the Bridge Loan of $350,000,000. 

 

On February 13, 2017, in connection with the additional public offering of Class A common stock, Mr. Aron purchased 31,747 shares of our Class A common stock at a price of $31.50 per share and on the same terms as the other purchasers in the offering.

 

On February 14, 2017, Holdings’ Board of Directors declared a cash dividend in the amount of $0.20 per share on Class A and Class B common stock, payable on March 27, 2017 to stockholders of record on March 13, 2017.

 

On February 17, 2017, the Company completed an additional public offering of 1,283,255 shares of Class A common stock at a price of $31.50 per share ($40,423,000), resulting in net proceeds of $39,000,000, pursuant to the partial exercise of the over-allotment option granted to the underwriters.

 

On March 8, 2017, the Company reached an agreement to settle litigation that was pending as of December 31, 2016, giving rise to a recognized subsequent event resulting in an increase of $7,000,000 in other general and administrative expenses for the year ended December 31, 2016.