CLEVELAND--(BUSINESS WIRE)--Nov. 3, 2009-- Ferro Corporation (NYSE: FOE) announced today that it priced an offering of 35,750,000 shares of common stock at a public offering price of $5.60 per share. This offering is expected to close on November 6, 2009, subject to customary closing conditions. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 5,362,500 shares of common stock at the public offering price less the underwriting discount to cover over-allotments, if any. Ferro expects to receive net proceeds of approximately $186.9 million from this offering (assuming no exercise of the underwriters’ over-allotment option), after deducting underwriting discounts and estimated offering expenses payable by Ferro.

 

Ferro intends to use up to $50 million of the net proceeds from this offering to pay the costs associated with its restructuring programs and strategic initiatives. Ferro will 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.

 

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 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.

 

A prospectus supplement and accompanying prospectus relating to the offering will be filed with the Securities and Exchange Commission and will be available on its website, www.sec.gov. A copy of the prospectus supplement and accompanying prospectus related to this offering, when available, may be obtained from Credit Suisse Securities (USA) LLC, One Madison Avenue, 1B, New York, New York 10010-3629, or by calling (800) 221-1037, or from J.P. Morgan Securities Inc. via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling (631) 254-1735.

 

This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective.

 

 

Ferro Corporation is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings and industrial products.

 

Headquartered in Cleveland, Ohio, the Company has approximately 5,400 employees globally and reported 2008 sales of $2.2 billion.