Nov 10 2009
Ferro Corporation (NYSE: FOE) announced today that it has closed on its previously announced common stock offering.
The total number of shares sold was 41,112,500, including 5,362,500 shares issued in connection with the exercise of the underwriters’ over-allotment option to purchase additional shares.
Ferro intends to use up to $50 million of the net proceeds from the offering to pay the costs associated with its restructuring programs and strategic initiatives. Ferro will use the remaining net proceeds to reduce borrowings under its credit facility and pay fees and expenses in connection with the amendment and restatement of such facility.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. acted as joint book-running managers for the offering. KeyBanc Capital Markets Inc. acted as the co-lead manager, Citigroup Global Markets Inc. and PNC Capital Markets LLC acted as senior co-managers and First Analysis Securities Corporation and RBS Securities Inc. acted as co-managers for the offering.
Source: http://www.ferro.com/