Post completes $300 million SPAC deal

ST. LOUIS — The initial public offering of Post Holdings Partner Corp. (PHPC) has closed with the sale of 30 million units at a price to the public of $10 per unit. The IPO pricing was announced by Post Holdings, Inc. as a special purpose acquisition company (SPAC).

PHPC has granted underwriters of the IPO a 45-day option to purchase an additional 4.5 million units at the IPO price.

The units consist of a share of PHPC common stock and one-third of a redeemable warrant.

Each warrant gives holders the right to purchase an additional share of the common stock at a price of $11.50. The PHPC units began trading May 26 and were trading at about $10 near the market close on May 28.

Lead book-running managers for the offering were Evercore Group LLC and Barclays Capital Inc.

Post Holdings has said the SPAC will allow the company to partner with a business in the consumer products space. PHPC will be managed by Post’s management team, including Robert V. Vitale, president and chief executive officer of Post. Originally announced in February, the size of the SPAC was subsequently trimmed to $300 million from $400 million.

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