Regal Beloit (RBC) Completes 4.3 Million Share Public Offering
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Regal Beloit Corporation (NYSE: RBC) has completed its previously announced public offering of common stock at a price of $36.25 per share to the public. Regal Beloit also announced that the underwriter in the offering has exercised its option to purchase additional shares to cover over-allotments, resulting in a total sale to the public of 4,312,500 shares of common stock.
Regal Beloit expects to receive net proceeds from the offering of approximately $150.6 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.[SM]
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