Moog (MOG) Announces Closing of Sale of 2,675,000 Shares At $29.50 A Share
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Moog Inc. (NYSE: MOG.A) announced that it has closed its public offering and sale of 2,675,000 shares of Class A common stock (which number of shares includes 175,000 shares sold to the underwriters' pursuant to the exercise in part of their over-allotment option) at a price of $29.50 per share.
Net proceeds to Moog from the offering were approximately $75 million. Moog will use the net proceeds from this offering to repay a portion of the indebtedness recently incurred under its revolving bank credit facility to acquire GE Aviation Systems' flight control actuation business. All of the shares were offered by Moog pursuant to a prospectus supplement under Moog's existing shelf-registration statement. Cowen and Company, LLC acted as the lead manager for the offering.
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