Jim Ayers, who oversaw the growth of what is now FirstBank into a regional powerhouse, takes a few more chips off the table.
Ayers has filed papers to sell 2.5 million of his shares in FB Financial, the parent company of FirstBank, a move that is expected to increase his bank account by around $ 100 million. The offer will reduce its stake in downtown-based FB Financial to 23.5%, from nearly 29%.
Ayers was the sole owner of FirstBank prior to FB Financial’s initial public offering in September 2016. After the IPO he retained 71% of the share capital and has since reduced it through several transactions. His current stake in the company is worth around $ 550 million.
FB Financial shares (symbol: FBK) fell more than 4% to $ 40.68 at noon Tuesday. So far this year, they have increased by around 20 percent.
Tivity Health executives are heading into the credit markets with the aim of saving money in the years to come and letting them invest more in their growth centric initiatives around digital services.
Franklin-based Tivity has hired bankers from Morgan Stanley, Credit Suisse and Truist Bank to secure support for their new senior secured credit facilities, which will include both a term loan and a gun. The size of the new package has yet to be finalized, but the company plans to repay the remaining $ 405 million under its current agreements – signed in early 2019 to facilitate the ill-fated purchase of Nutrisystem – while also raising funds. for general purposes. (Tivity CEO Richard Ashworth and his team late last year repaid $ 519 million on their term loans after selling Nutrisystem.)
Tivity actions (Ticker: TVTY) rose 2% to $ 26.51 around noon Tuesday. Since the start of the year, they have increased by around 30%.