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Nucor Prices Common Stock Offering
05/23/2008 - Nucor prices its public offering of 25 million shares of its common stock at $74.00 per share.
Nucor Corp. has priced its public offering of 25 million shares of its common stock at $74.00 per share.
The company also has 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 net proceeds from the offering for general corporate purposes—which could include acquisitions, capital expenditures, working capital needs and repayment of debt. The company also said it plans to raise up to $1 billion in the debt capital markets in the near term, subject to market conditions.
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. It is expected to close on or around May 29, 2008.
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.
