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Vantiv Stock Offering Priced at 1.1% Discount

Vantiv Inc. (VNTV) said an offering of 38.6 million Class A shares on behalf of funds managed by Advent International Corp. and Fifth Third Bancorp (FITB) priced at a 1.1% discount to Tuesday's close.Vantiv, parent of payment processor Vantiv Holding LLC, was established through a joint venture between Fifth Third and Advent in 2009. The company won't receive any proceeds from the offering.Shares were down 0.7% at $23.85, above the offer price of $23.75. The stock is up 17% so far this year.As part of the sale, Vantiv entered into a share repurchase agreement with the underwriters, in which it plans to repurchase 17.5 million of the shares being offered. Vantiv said it expects to fund the share repurchase with borrowing under new senior secured credit facilities with increased term loan capacity. The company had about 141.5 million Class A shares outstanding as of April 30.Fifth Third separately said the combination of the sale and Vantiv's repurchase will result in a roughly 15% reduc...

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