CC Neuberger Principal Holdings II, the second blank check company formed by CC Capital and Neuberger Berman, raised $720 million by offering 72 million units at $10. The company offered 12 million more units than anticipated. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. 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), a SPAC which raised $360 million in April offering units with 1/3 warrants and has yet to announce an acquisition. CFO Matthew Skurbe became CFO and COO of CC Capital this month.
CC Neuberger Principal Holdings II plans to list on the NYSE under the symbol PRPB.U. Credit Suisse, Citi and Morgan Stanley acted as lead managers on the deal.
