Govt contractor Amentum rises after Jacobs' stake sale priced

Shares of government contractor Amentum Holdings AMTM.N up 3.3% to $17.60 premarket after secondary offering priced

Chantilly, Virginia-based engineering consultant firm announces ~19.5 mln shares at $16.50

Subsidiary of Jacobs Solutions J.N, formerly known as Jacobs Engineering, to exchange the AMTM shares for debt held by Bank of America BAC.N

AMTM shares on Tues closed down 8.2% at $17.04, adding to ~7% decline on Mon after the offering launched

BofA, J.P. Morgan, Morgan Stanley, BNP Paribas and TD Cowen joint bookrunners

Jacobs divests most of its stake, except for the ~9.7 mln shares held in escrow in connection with the merger of its government consulting units with Amentum

With ~243.3 mln shares outstanding, Amentum has ~$4.2 bln market cap

Through Tues, AMTM shares down 19% YTD

Shares of J up fractionally before the bell at $122.76. YTD, stock down nearly 9%