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Article: Ferro Announces Public Offering of Common Stock.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Ferro Corporation (NYSE: FOE) announced that it is offering to sell, subject to market and other conditions, 29,500,000 shares of common stock in an underwritten offering. The underwriters have been granted an over-allotment option to purchase up to an additional 4,425,000 shares of common stock.
Ferro intends to use up to $50 million of the net proceeds from this offering to pay the costs associated with its restructuring programs and strategic initiatives. Ferro will use any 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. The amendment and ...