Headwaters (HW) Agrees to Sell 9.6M Shares at $3.90
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Headwaters (NYSE: HW) announced today that it entered into definitive agreements to sell 9.6 million shares of its common stock at $3.90 per share in a registered direct offering. Net proceeds to Headwaters after deduction of agency fees and estimated expenses will be approximately $34.6 million. The transaction is expected to close on September 22, 2009, subject to customary closing conditions.
Headwaters Incorporated intends to use the net proceeds from this offering for partial repayment of its senior secured first tier term loan, which satisfies Headwaters' requirement to repay $25 million of the Term Loan if Headwaters enters into an asset-backed lending facility on or before December 31, 2009. Canaccord Adams Inc. acted as lead placement agent and Stephens Inc. and Avondale Partners, LLC acted as co-placement agents for the offering.
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