Warburg Pincus Capital I-B, the second blank check company formed by Warburg Pincus, raised $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Christopher Turner, who is a Managing Director at Warburg Pincus and leads its US Investment Support Group, and CFO and Director Tara O'Neill, who serves as an SVP in the Finance and Legal Department of Warburg Pincus. The company plans to target businesses with strong fundamental growth that could benefit from Warburg Pincus' experience, global presence, domain expertise, operational support, and extensive networks.
Warburg Pincus Capital I-B plans to list on the NYSE under the symbol WPCB.U. Citi, Credit Suisse and Evercore ISI acted as lead managers on the deal.
