IHS Chemical Week

People & Business :: Companies

Ferro Offers New Common Stock

11:54 AM MDT | October 29, 2009 | Vincent Valk

Ferro is offering 29.5 million new shares of public common stock, the company says. The company intends to use $50 million of the proceeds from the sale of the stock to fund restructuring and strategic initiatives, it says. An amendment to the Ferro's credit facility, including an extension of the facility's maturity to June 2012, is conditioned on the company raising at least $150 million in proceeds from the stock offering. The underwriters on the offering have been granted an over-allotment of 4.425 million shares, which they can purchase at their discretion...

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