Pandora (NYSE: P), the leading internet radio service, today announced
the pricing of an underwritten public offering of 18,200,000 shares of
its common stock at a price to the public of $25.00 per share. A total
of 13,000,000 shares are being offered by Pandora, and a total of
5,200,000 shares are being offered by the selling stockholder. In
addition, Pandora has granted the underwriters a 30-day option to
purchase up to an additional 2,730,000 shares to cover over-allotments,
if any. The offering is expected to close on September 24, 2013.
Pandora intends to use the net proceeds of this offering for general
corporate purposes, including working capital and capital expenditures.
In addition, Pandora may use a portion of the net proceeds for potential
acquisitions of businesses, products or technologies, although Pandora
has no current agreements or understandings with respect to any such
transactions. Pandora will not receive any proceeds from the sale of
shares by the selling stockholder.
The bookrunning managers of the offering are J.P. Morgan and Morgan
Stanley. Wells Fargo Securities, BofA Merrill Lynch, BMO Capital
Markets, Canaccord Genuity, Pacific Crest Securities, Piper Jaffray and
William Blair are acting as co-managers.
The offering of these securities will be made only by means of a
registration statement (including a preliminary prospectus for the
offering) filed with the U.S. Securities and Exchange Commission ("SEC")
on September 16, 2013. Copies of the preliminary prospectus may be
obtained from J.P. Morgan Securities LLC, Attention: Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717,
or by telephone at (866) 803-9204; or Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, New York 10014, or by email at email@example.com,
or by telephone at (866) 718-1649.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Pandora (NYSE: P) gives people music and comedy they love anytime,
anywhere, through connected devices. Personalized stations launch
instantly with the input of a single "seed" - a favorite artist, song or
genre. The Music Genome Project®, a deeply detailed hand-built musical
taxonomy, powers the personalization of Pandora® internet radio by using
musicological "DNA" and constant listener feedback to craft personalized
stations from a growing collection of more than one million tracks. Tens
of millions of people turn on Pandora every month to hear music they
Mollie Starr, 510-842-6996
Pandora Corporate Communications
Corporate Finance & Investor Relations