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Pandora Announces Exercise of Over-Allotment Option in Connection with Previously Priced Follow-On O

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  • Pandora Announces Exercise of Over-Allotment Option in Connection with Previously Priced Follow-On O

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    Pandora Announces Exercise of Over-Allotment Option in Connection with Previously Priced Follow-On Offering Press Release : Pandora  –  Fri, Sep 20, 2013 8:30 AM EDT
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    Pandora (NYSE: P ), the leading internet radio service, today announced
    that the underwriters of its common stock offering exercised their
    over-allotment option in full to purchase an additional 2,730,000 shares
    of its common stock at a price to the public of $25.00 per share. As a
    result of the exercise of the option, a total of 15,730,000 shares are
    being offered by Pandora, and a total of 5,200,000 shares are being
    offered by the selling stockholder, for total gross offering proceeds of
    approximately $523 million. The offering is expected to close on
    September 24, 2013.
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    Pandora intends to use the net proceeds from the sale of shares by it
    for general corporate purposes, including working capital and capital
    expenditures. In addition, Pandora may use a portion of the net proceeds
    for potential acquisitions of businesses, products or technologies,
    although Pandora has no current agreements or understandings with
    respect to any such transactions. Pandora will not receive any proceeds
    from the sale of shares by the selling stockholder.
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    The bookrunning managers of the offering are J.P. Morgan and Morgan
    Stanley. Wells Fargo Securities, BofA Merrill Lynch, BMO Capital
    Markets, Canaccord Genuity, Pacific Crest Securities, Piper Jaffray and
    William Blair are acting as co-managers.
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    The offering of these securities will be made only by means of a
    registration statement (including a prospectus for the offering) filed
    with the U.S. Securities and Exchange Commission (“SEC”) on September
    16, 2013. Copies of the prospectus may be obtained from J.P. Morgan
    Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long
    Island Avenue, Edgewood, New York 11717, or by telephone at (866)
    803-9204; or Morgan Stanley & Co. LLC, Attention: Prospectus Department,
    180 Varick Street, 2nd Floor, New York, New York 10014, or by email at [email protected] ,
    or by telephone at (866) 718-1649.
    </p>
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    This press release shall not constitute an offer to sell or the
    solicitation of an offer to buy, nor shall there be any sale of these
    securities in any jurisdiction in which such offer, solicitation or sale
    would be unlawful prior to registration or qualification under the
    securities laws of any such jurisdiction.
    </p>
    <p>
    <b>ABOUT PANDORA</b>
    </p>
    <p>
    Pandora (NYSE: P ) gives people music and comedy they love anytime,
    anywhere, through connected devices. Personalized stations launch
    instantly with the input of a single "seed" – a favorite artist, song or
    genre. The Music Genome Project®, a deeply detailed hand-built musical
    taxonomy, powers the personalization of Pandora® internet radio by using
    musicological "DNA" and constant listener feedback to craft personalized
    stations from a growing collection of more than one million tracks. Tens
    of millions of people turn on Pandora every month to hear music they
    love.
    </p>
    <p> </p>
    Contact:
    Pandora<br>Mollie Starr, 510-842-6996<br>Pandora Corporate Communications<br> [email protected] <br>or<br>Dominic Paschel, 510-842-6960<br>Corporate Finance & Investor Relations<br> [email protected] <br><br>
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