Regal Beloit Corporation (RBC) Prices 3.75M Shares At $36.25
Regal Beloit Corporation (NYSE: RBC) announced that it priced a public offering of 3,750,000 shares of common stock at a price of $36.25 per share to the public. Regal Beloit has granted the underwriter in the offering an option to purchase up to 562,500 additional shares of common stock at the same price per share to cover any over-allotments. The public offering of the shares is expected to close on May 22, 2009.
Assuming no exercise of the underwriter's over-allotment option, Regal Beloit expects to receive net proceeds from the offering of approximately $130.9 million after deducting underwriting discounts and commissions and estimated expenses of the offering. Regal Beloit will use the net proceeds from the offering for general corporate and working capital purposes, including the potential repayment of long-term debt and the funding of future acquisitions.
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