Ferro Corp (FOE) Prices 35.75M Common Stock Offering at $5.60/Share

November 3, 2009 9:20 AM EST

Ferro Corporation (NYSE: FOE) announced today that it priced an offering of 35,750,000 shares of common stock at a public offering price of $5.60 per share. This offering is expected to close on November 6, 2009, subject to customary closing conditions. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 5,362,500 shares of common stock at the public offering price less the underwriting discount to cover over-allotments, if any. Ferro expects to receive net proceeds of approximately $186.9 million from this offering (assuming no exercise of the underwriters' over-allotment option), after deducting underwriting discounts and estimated offering expenses payable by Ferro.

Ferro intends to use up to $50 million of the net proceeds from this offering to pay the costs associated with its restructuring programs and strategic initiatives. Ferro will use any remaining net proceeds to reduce borrowings under its credit facility and pay fees and expenses in connection with the amendment and restatement of such facility.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. are acting as joint book-running managers for the offering. KeyBanc Capital Markets Inc. is acting as the co-lead manager, Citigroup Global Markets Inc. and PNC Capital Markets LLC are acting as senior co-managers and First Analysis Securities Corporation and RBS Securities Inc. are acting as co-managers for the offering

Related Categories

Equity Offerings

Stocks Mentioned

Related Entities

• Credit Suisse
• JPMorgan
• Citi
• KeyBanc
• First Analysis

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