Schweitzer-Mauduit (SWM) Announces 1.8M Common Share Offering
Schweitzer-Mauduit International, Inc. (NYSE: SWM) today announced that it plans to publicly offer 1.8 million shares of its common stock in an underwritten offering. In addition, the company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of shares sold.
The company intends to use the net proceeds from the offering for general corporate purposes, including the company's planned funding of the construction and working capital needs of a new Reconstituted Tobacco Leaf (RTL) facility in the Philippines and a potential equity contribution for an RTL joint venture in China. Pending such use, the company intends to reduce outstanding balances under its current revolving credit facility with the net proceeds from the offering.
Goldman, Sachs & Co. is serving as the sole book-running manager for the offering. Co-managers for the offering include SunTrust Robinson Humphrey Inc., Davenport & Company LLC and Oppenheimer & Co. Inc.
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