Westport Prices New Stock Offering
Westport Innovations has put a price tag on its new common stock issue. The company will sell the 6 million shares it is floating in the underwritten public offering for $25.39 per share. Additionally, the issue's underwriters have been granted a 30-day purchase option for up to an additional 900,000 shares.
Westport said it plans to use its take from the potential $175.2 million gross proceeds of the issue "to finance future growth opportunities including acquisitions and investments, to finance our capital expenditures, to reduce our outstanding indebtedness, for working capital purposes or for general corporate purposes."
Morgan Stanley, Leucadia's Jefferies, and the Securities arm of Deutsche Bank are the joint book-runners of the issue, which is expected to close "on or about" October 1.
Currently, Westport has nearly 56.5 million shares outstanding, and its stock most recently closed at $24.93 per share.
The article Westport Prices New Stock Offering originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Westport Innovations. The Motley Fool owns shares of Westport Innovations. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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