CC Neuberger Principal Holdings II, the second blank check company formed by CC Capital and Neuberger Berman, filed on Wednesday with the SEC to raise up to $600 million in an initial public offering.
The New York, NY-based company plans to raise $600 million by offering 60 million units at a price of $10. Each unit consists of one share and one-fourth of a redeemable warrant, exercisable at $11.50. At the proposed deal size, CC Neuberger Principal Holdings II would command a market value of $800 million. An affiliate of Neuberger Berman plans to enter into a forward purchase agreement to buy $200 million worth of units (with 3/16 warrants) in connection with a proposed acquisition, provided that it can secure funding.
The company is led by CEO and Director Chinh Chu, the founder of CC Capital and CEO and Director of CC Neuberger Principal Holdings I (PCPLU), and CFO Matthew Skurbe, who became CFO and COO of CC Capital this month.
The New York, NY-based company was founded in 2020 and plans to list on the NYSE, but has not selected a symbol yet. CC Neuberger Principal Holdings II filed confidentially on May 22, 2020. Credit Suisse, Citi and Morgan Stanley are the joint bookrunners on the deal.
