Schweitzer-Mauduit (SWM) Announces Pricing on 1.8M Offering at $60/Share

November 11, 2009 5:43 PM EST

Schweitzer-Mauduit International, Inc. (NYSE: SWM) today announced the pricing of an underwritten offering of $1.8 million shares of its common stock, at an offering price of $60.00 per share. The company has granted the underwriters a 30-day option to purchase up to an additional 270,000 shares.

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. The offering is expected to close on November 17, 2009, subject to customary closing conditions.

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.

Related Categories

Equity Offerings

Stocks Mentioned

Related Entities

• Davenport
• SunTrust Robinson Humphrey

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