Markets :: Specialty Chemicals :: Paints and Coatings
Ferro Prices New Stock; Moody's Raises Company's Outlook
2:00 PM MST | November 6, 2009 | Vincent Valk
Ferro has priced its previously announced new stock offering at $5.60/share, the company announced recently. Moody's Investors Service (New York) raised Ferro's outlook to stable from negative, noting that Ferro has raised $205 million from the stock offering, triggering a change in the company's credit facility. "Even though we don't expect Ferro's performance in the next two quarters to be as strong as it was in the third quarter, the substantial increase in equity combined with the debt reduction and amendments to the credit agreement have resolved our...
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