Pac Rim Holding Corp. to Offer 2.5 Million Shares
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Pac Rim Holding Corp., an Encino provider of workers’ compensation insurance in California through its Pac Rim Assurance Co. unit, plans to raise about $21 million with an initial public offering of stock.
In a filing with the Securities and Exchange Commission, Pac Rim said it plans to offer 2.5 million common shares, expected to be priced about $8.50 each. The stock would represent about 28% of the company’s 8.9 million total common shares outstanding after the offering.
Pac Rim, founded in late 1987 by Stanley Braun, its chief executive, said proceeds from the sale would be used to expand its business. The company had revenue of $41.4 million last year.
Salomon Bros. and Wedbush Morgan Securities are the underwriters for the offering.
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