Nucor Launches Common Stock Offering
05/20/2008 - Nucor commences public offering of 25,000,000 shares of common stock, and grants underwriters an option to purchase up to an additional 3,750,000 shares at the public offering price, less the underwriting commission, within 30 days following the closing date.
Nucor Corp. has commenced a public offering of 25,000,000 shares of its common stock that is expected to close on or around May 29, 2008. The company has also granted the underwriters an option to purchase up to an additional 3,750,000 shares of common stock at the public offering price, less the underwriting commission, within 30 days following the closing date.
Nucor said it plans to use the net proceeds from the offering for general corporate purposes, including acquisitions, capital expenditures, working capital needs and repayment of debt. The company recently announced plans to build a $2-billion state-of-the-art ironmaking facility as well as for international joint venture investments with Duferco and Sidenor.
Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are acting as Joint Book-Running Managers for the offering.
The company also said it intends to raise up to $1 billion in the debt capital markets in the near term, subject to market conditions.
Nucor and affiliates manufacture steel products, with operating facilities primarily in the U.S. and Canada. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Co. and its affiliates, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferroalloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
