Patriot National Announces Launch of Initial Public Offering

FORT LAUDERDALE, Fla., Jan. 6, 2015 /PRNewswire/ -- Patriot National, Inc. announced today that it has commenced an initial public offering of 8,315,700 shares of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission. The initial public offering price is currently expected to be between $16.00 and $18.00 per share. Patriot National is offering 7,350,000 shares of its common stock and the selling stockholders named in the registration statement are offering 965,700 shares of common stock. The underwriters may also purchase first, from Patriot National, up to an additional 1,102,500 shares of common stock and second, from the selling stockholders, up to an additional 144,855 shares of common stock, in each case, solely to cover over-allotments, if any, within 30 days from the date of the offering. Patriot National intends to apply to list its common stock on the New York Stock Exchange under the symbol "PN."

Patriot National intends to use the net proceeds from the offering, together with borrowings under a proposed senior secured credit facility or cash on hand, to fund repayment of existing indebtedness. Any remaining net proceeds will be used for working capital and general corporate purposes. Patriot National will not receive any proceeds from the sale of shares of common stock by the selling stockholders.

UBS Securities LLC, BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers of the offering, and JMP Securities LLC and William Blair & Company, L.L.C. are acting as co-managers of the offering.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained by contacting UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171 or by calling toll-free at 1-888-827-7275, by contacting BMO Capital Markets Prospectus Department, 3 Times Square, 27th Floor, New York, New York 10036 or by calling toll-free at 1-800-414-3627, or by contacting SunTrust Robinson Humphrey, Inc., 3333 Peachtree Road, 11th Floor, Atlanta, Georgia 30326, Attention: Prospectus Department, or by telephone at 1-800-685-4786.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. 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 state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Patriot National

Patriot National is a national provider of comprehensive outsourcing solutions within the workers' compensation marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National provides general agency services, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients. Patriot National is headquartered in Fort Lauderdale, Florida with seven regional offices around the country.

Contact:

Nicole Brewer
Patriot National, Inc.
Tel: 954-670-2946
Email: [email protected]

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SOURCE Patriot National, Inc.