In an announcement, Primerica Inc said it had entered into an agreemnt to buy back 2,488,621 shares of outstanding common stock and warrants covering 4,103,110 shares of Primerica common stock. The beneficial owners of these outstanding shares of stock is Warburg Pincus Private Equity X, LP and Warburg Pincus X Partners LP.
The purchase price per outstanding share of stock is pegged at US$34.67 and the purchase price for the warrants are at US$16.67 per underlying share. Each underlying share represents the closing price of Primerica stock by May 28, 2013, deducting the warrant exercise per share price. In total, the purchase price is computed to reach US$154.7 million, with the priced based on the share value of Primerica common stock at the close of trading last May 28, 2013.
According to Michael Martin, Warburg Pincus Managing Director and Head of Financial Services Investing, "We are proud of our partnership with Rick, John and the rest of the Primerica team since the company's IPO. Our experience as a Primerica shareholder has been a very positive one and we are confident that the company will continue to fulfill its mission of servicing middle income households in better preparing for a more secure financial future."
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