Manitowoc, announces share sale
The Manitowoc Co. Inc, owner of Grove, Potain, National and Manitowoc cranes, has announced its intention, subject to market and other conditions, to sell 2,650,000 shares of common stock in an underwritten public offering made from a shelf registration that became effective in September 2002.
The underwriters would have an option to purchase up to an additional 397,500 shares to cover any over-allotments.
Manitowoc says that it will use $67.7 million of the proceeds from the offering to redeem 35 percent of its 10-1/2 percent senior subordinated notes due in 2012 and to use the balance for general corporate purposes.
Manitowoc stock has been trading near a 12 month high since November and is currently in the $37 a share range, up from a low of $27 a year ago. Based on the current share price the offering should raise in the region of $98 million.
Prior to this offering Manitowoc has 28,855,008 shares outstanding, this offering one assumes increases this by around nine percent.
UBS Investment Bank is acting as the sole book-running manager on this offering. Lehman Brothers is acting as a joint-lead manager and JP Morgan is acting as a co-manager.