Ferro Corp declares public offering of 29.5m common shares

Performance materials supplier Ferro Corporation (NYSE:FOE) declared on Tuesday its proposal to sell 29,500,000 shares of common stock in an underwritten public offering, subject to market and other conditions. A The underwriters have also been given an over-allotment option to purchase up to an additional 4,425,000 shares of common stock. A The company intends to use net proceeds of up to USD50m from the offering to pay the costs associated with its restructuring programmes and strategic initiatives. Any remaining proceeds will be used to reduce borrowings under its credit facility and to pay fees and expenses in connection with the amendment and restatement of the credit facility.

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 the co-lead manager, Citigroup Global Markets Inc and PNC Capital Markets LLC are acting as senior co-managers and First Analysis Securities Corporation and RBS Securities Inc are acting as co-managers for the offering.

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