Exeter Finance To Launch IPO – Reorganize As Holding Company

Exeter Finance LLC XTF, +0.00% said it planned an initial public offering to reorganize itself as a public corporation, according to a Securities and Exchange Commission filing late Tuesday. Exeter said it planned to raise up to $100 million in the offering, although this figure is generally used as a placeholder and is subject to revision in later filings. The LLC said it planned to use proceeds to reorganize into a holding company and to “invest the balance of the proceeds primarily in short term, investment-grade interest-bearing securities such as money market accounts, certificates of deposit, commercial paper and guaranteed obligations of the United States government.” Following the offering, Blackstone Group LP BX, -1.28% will continue to have majority voting power in the company, Exeter said. Citigroup and Wells Fargo were listed among the underwriters. Exeter plans to list on the New York Stock Exchange under the ticker XTF.