Rollins announces $1.35B secondary offering by LOR, Inc.; plans $300M concurrent buyback

ROLLINS INC

Selling stockholder LOR, Inc. to offer $1.35B of Rollins common stock; underwriters have $202.5M overallotment option.
Company will not receive any proceeds but intends to repurchase ~$300M of the offered shares at same price, contingent on offering closing.
Selling stockholder agrees to 365-day lock-up from pricing date on remaining shares.
Goldman Sachs and Morgan Stanley serving as joint book-running managers; offering subject to market conditions.

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