TransUnion plans sell up to $325 million in stock in an initial public offering. In a filing with the Securities and Exchange Commission on Tuesday, the Chicago-based company said it plans to use the proceeds to reduce “a substantial amount of indebtedness” and for general corporate purposes.
TransUnion had total debt of $1.6 billion, according to its registration statement with the SEC, as of March 31. The credit-rating firm, owned by private equity firm Madison Dearborn Partners and Chicago’s Pritzker family, had revenues of $956.5 million in 2010, and made $36.6 million. In the first quarter, it posted revenues of $245.9 million and lost $25.5 million.
In June 2010, Madison Dearborn acquired a 51% stake, with the Pritzker family keeping most of the rest.
The 11 heirs of Jay Pritzker, who died in 1999 after building a portfolio estimated at $15 billion, reached an agreement in late 2001 to divest the family's assets by 2011.
The percentage that the current owners will own after the IPO wasn’t shown in the registration statement.
According to the registration statement, TransUnion’s directors will include: Penny Pritzker; Madison Dearborn executives John Canning, Tim Hurd, Vahe Dombalagian and Ed Magnus; Nigel Morris of QED Investors LLC; Matthew Carey, chief information officer for Home Depot; Reuben Gamoran, who has been chief financial officer of William Wrigley Jr. Co. since 2008; and chief executive Bobby Mehta.
