Company also completes $36.75 million public offering of common stock
By Devika Patel
Knoxville, Tenn., July 17 - Power Solutions International, Inc. said the underwriters for its secondary offering of stock opted to exercise the deal's $8.93 million greenshoe in full for total proceeds of $33.43 million. It also said it completed its $36.75 million public offering of stock. The deals were announced May 14 and priced on July 11.
The company will sell 1.05 million common shares at $35.00 apiece. The price per share is a 6.54% discount to the July 10 closing share price of $37.45.
The selling stockholders sold 955,000 shares. Of the shares, 255,000 were part of the greenshoe.
Craig-Hallum Capital Group was the bookrunning manager.
Proceeds will be used to pay down borrowings under the company's revolving line of credit with Wells Fargo Bank, NA, for working capital and other general corporate purposes.
Wood Dale, Ill.-based Power Solutions designs, engineers and manufactures emissions-certified, alternative-fuel power systems.
| Issuer: | Power Solutions International, Inc.
|
| Issue: | Common shares
|
| Amount: | $70,175,000
|
| Price: | $35.00
|
| Warrants: | No
|
| Bookrunner: | Craig-Hallum Capital Group
|
| Co-lead manager: | Roth Capital Partners
|
| Announcement date: | May 14
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Stock symbol: | Nasdaq: PSIX
|
| Stock price: | $37.45 at close July 10
|
| Market capitalization: | $418.57 million
|
|
|
| Public sale
|
| Amount: | $36.75 million
|
| Shares: | 1.05 million
|
|
|
| Secondary sale
|
| Amount: | $33,425,000 (including $8,925,000 greenshoe)
|
| Shares: | 955,000
|
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