Citigroup Completes Sale of $230 Million in
Common Stock of Primerica to Warburg Pincus
Warburg’s Michael Martin and Daniel Zilberman Appointed to Primerica’s Board of Directors
April 15, 2010 07:40 PM Eastern Daylight Time
DULUTH, Ga.--(EON: Enhanced Online News)--Primerica, Inc. (NYSE:PRI) today announced the closing of the
sale by a subsidiary of Citigroup Inc. to private equity funds managed by Warburg Pincus LLC of approximately
16.4 million shares of the common stock of Primerica for a purchase price of $230 million. The sale included
warrants that will allow the Warburg Pincus funds to acquire approximately 4.1 million additional shares of Primerica
common stock, for seven years, at an exercise price of $18 per share. The sale occurred pursuant to the previously
reported Securities Purchase Agreement dated as of February 8, 2010 among the Warburg Pincus funds, Primerica
and the Citigroup subsidiary.
Following the closing of Warburg Pincus’ investment, affiliates of Citigroup own less than 40% of Primerica’s
outstanding common stock.
In addition, Primerica announced today that Michael E. Martin, a Managing Director of Warburg Pincus LLC who
co-heads its Financial Services Group, and Daniel Zilberman, also a Managing Director of Warburg Pincus LLC,
have been appointed to Primerica’s Board of Directors.
Primerica, headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in
North America with approximately 100,000 licensed representatives. The company and its representatives offer
clients term life insurance, mutual funds, variable annuities and other financial products. Primerica insures 4.3 million
lives and more than two million clients maintain investment accounts with the company. Primerica’s mission is to
serve middle income families by helping them make informed financial decisions and providing them with the
strategies and means to gain financial independence.
The sale of Primerica common stock described above was not regis