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Advanced Drainage Systems Announces Launch Of Initial Public Offering

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SOURCE Advanced Drainage Systems, Inc.

HILLIARD, Ohio, July 14, 2014 /PRNewswire/ -- Advanced Drainage Systems, Inc. ("ADS"), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, announced today that it has commenced an initial public offering of 14,500,000 shares of common stock pursuant to a registration statement filed with the U.S. Securities and Exchange Commission (the "SEC"). The initial public offering price is currently expected to be between $17.00 and $19.00 per share. ADS is offering 5,289,474 shares of its common stock and the selling stockholders named in the registration statement are offering 9,210,526 shares of common stock.  The selling stockholders have granted the underwriters an option to purchase up to an additional 2,175,000 shares of common stock at the initial public offering price less the underwriting discount, within 30 days from the date of the offering.  An application has been made to list the common stock of ADS on the New York Stock Exchange under the symbol "WMS."

ADS intends to use the net proceeds from this proposed offering to fund repayment of existing indebtedness and general corporate purposes.  ADS will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders.

Barclays and Deutsche Bank Securities are acting as representatives of the underwriters and Barclays, Deutsche Bank Securities, Citigroup and RBC Capital Markets are acting as joint book-running managers for the proposed offering.  BofA Merrill Lynch, Fifth Third Securities and PNC Capital Markets LLC are acting as co-managers for the proposed offering.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus related to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, barclaysprospectus@broadridge.com, 888-603-5847; or from Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, +1 (800) 503-4611, prospectus.cpdg@db.com.

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 Advanced Drainage Systems, Inc.

Advanced Drainage Systems (ADS) is the leading manufacturer of high performance thermoplastic corrugated pipe, providing a comprehensive suite of water management products and superior drainage solutions for use in the construction and infrastructure marketplace. Its innovative products are used across a broad range of end markets and applications, including non-residential, residential, agriculture and infrastructure applications. The Company has established a leading position in many of these end markets by leveraging its national sales and distribution platform, its overall product breadth and scale and its manufacturing excellence. Founded in 1966, the Company operates a global network of 58 manufacturing plants and 28 distribution centers.

Special Note Regarding Forward-Looking and Cautionary Statements

This press release contains forward-looking statements including statements relating to the proposed initial public offering. These statements are not historical facts but rather are based on the Company's current expectations, estimates and projections regarding the Company's business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission.

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