Global Defense unveils IPO

Company prices 4.6 million shares of common stock at $13 per share

Global Defense Technology & Systems Inc., a provider of defense technologies to the national security community, made its initial public offering of common stock today.

The McLean, Va., company priced 4.6 million shares at $13 per share, of which 3 million shares are being sold by the company and 1.6 million shares are being sold by certain selling stockholders.

The underwriters have a 30-day option to purchase up to an additional 690,000 shares of common stock from one of the selling stockholders at the initial public offering price. The offering is expected to close on or about Nov. 25.

Global Defense Technology & Systems  filed its IPO intentions with the Securities and Exchange Commission in September, saying it expected to raise $75 million from the initial sale.

The company will use the proceeds from the offering to repay debt and for general corporate purposes, including future acquisitions. It will not receive any proceeds from the sale of common stock by the selling stockholders, according to a company announcement.

The offering was made through an underwriting syndicate led by Cowen and Co. LLC, which acted as book-running manager. Acting as co-managers were Stifel, Nicolaus and Company Inc., Raymond James and Associates Inc. and SunTrust Robinson Humphrey Inc.

Global Defense Technology & Systems is owned by the Global Strategies Group. Its executive team includes John Hillen, president and CEO, and James Allen, executive vice president and chief financial officer.

Hillen, who joined the company in August 2008, previously was president of what is now CGI Federal. He also led the defense and intelligence business at American Management Systems Inc., before it was sold to CACI International Inc.

About the Author

David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.

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