Ferro Corporation announces public offering of common stock

Ferro Corporation, a US-based producer of specialty materials and chemicals, is planning to sell 29.5 million shares of common stock in an underwritten offering. Ferro has granted underwriters an over-allotment option to purchase up to an additional 4.425 million shares of common stock.

Credit Suisse Securities (USA), LLC and J.P. Morgan Securities Inc. are acting as joint book-running managers for the offering. KeyBanc Capital Markets, Inc. is acting as co-lead manager, Citigroup Global Markets, Inc. and PNC Capital Markets LLC are acting as senior co-managers and First Analysis Securities Corp. and RBS Securities, Inc. are acting as co-managers for the offering.

Deal Type    IPO
Sub-Category Secondary Offering
Deal Status  Announced: 2009-10-27

Deal Participants

Target (Company) Ferro Corporation

Deal Rationale

Ferro intends to use up to $50 million of the net proceeds from the offering to pay the costs associated with its restructuring programs and strategic initiatives and use any remaining net proceeds to reduce borrowings under its credit facility and pay fees and expenses in connection with the amendment and restatement of such facility.

Related terms: chemicals, ipo, public offering, restructuring, securities