Oct 29 2009
Hubbell Incorporated (NYSE: HUBA, HUBB) announced today it has priced its public offering of 2,600,000 shares of its Class B common stock at $43.00 per share.
The offering is expected to close on or about November 3, 2009. In connection with the offering, Hubbell granted the underwriters an over-allotment option for a period of 30 days to purchase up to an additional 390,000 shares of Class B common stock.
After deducting underwriting discounts and commissions, Hubbell Incorporated will receive proceeds of approximately $106.5 million. Hubbell intends to use the net proceeds of the offering for general corporate purposes, including the repayment of approximately $66 million in short-term commercial paper borrowings which remain outstanding following the acquisition of FCI Americas, Inc. (the business known as Burndy) after giving effect to repayments and reborrowings following the closing of the acquisition on October 2, 2009.
Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. are acting as joint book-running managers for the offering.
Source: http://www.hubbell.com/