Westport Prices New Stock Offering
Sep 26th 2013 10:35PM
Updated Sep 26th 2013 10:36PM
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.
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