Lufkin (LUFK) Prices 2.5M Offering at $79.25/Share

Lufkin Industries, Inc. (Nasdaq: LUFK) has priced its public offering of 2,500,000 shares of common stock at $79.25 per share. The Company expects the offering to close on March 6, 2012. The underwriters have been granted a 30-day option to purchase from the Company up to an additional 375,000 shares to cover over-allotments, if any.

The price is a slight discount from Wednesday's closing price of $79.64.

The Company will receive net proceeds after offering expenses of approximately $188.9 million. The Company intends to use the net proceeds of the offering to repay all of the borrowings outstanding under its new delayed draw temporary term loan (if any) and all of the borrowings outstanding under its revolving credit facility. Fifty percent of any remaining proceeds will be used to repay a portion of the borrowings outstanding under its term loan and fifty percent will be used for general corporate purposes.

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