West Corp. IPO expected to generate up to $539.1M

West Corp. plans IPO to sell 21.3 million shares for proceeds of up to $539.1 million

Associated Press

OMAHA, Neb. (AP) -- West Corp. said Monday that it plans to sell 21.3 million shares of its common stock in an initial public offering for up to $539.1 million in proceeds.

The Omaha, Neb.-based communications company intends to sell the shares for $22 to $25 each. Based on the midpoint of that range, the IPO would generate about $500 million in proceeds.

In addition West granted the underwriters — which include Goldman, Sachs & Co. and Morgan Stanley & Co. — an option to buy up to an additional 3.2 million shares at the IPO price, which could generate additional proceeds of up to $79.8 million.

The company has applied to list the shares on the Nasdaq Global Select Market under the symbol "WSTC."

West said it plans to use the bulk of the offering's net proceeds, along with cash on hand, to repay outstanding debt.

Founded in 1986 through a predecessor company, West's services include conferencing, call centers and emergency management. It posted a 2012 profit of $125.5 million on $2.64 billion in revenue.

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