Weyerhaeuser Co (WY) announced the pricing of public offering of 12 million 6.375% Mandatory Convertible Preference Shares, Series A at $50.00 per share.
In addition, the underwriters of the offering have an option to purchase up to an additional 1.8 million shares of the Mandatory Convertible Preference Shares.
The company expects offering net proceeds after deducting expenses to be about $581 million. Net proceeds are expected to be about $668 million if the underwriters exercise their option to purchase additional shares in full.
Unless converted or redeemed earlier, each Mandatory Convertible Preference Share will convert automatically on July 1, 2016, into between 1.5015 and 1.8018 of common shares.
Separately, Weyerhaeuser also announced the pricing of public offering of 29 million common shares at $27.75 per share for gross proceeds of about $805 million. In addition, the underwriters of the offering have an option to purchase up to an additional 4.35 million common shares.
The company expects to close both offerings on June 24. The net proceeds from the offerings will be used as partial consideration to finance the previously announced acquisition of equity interest in Longview Timber LLC.
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the joint book-running managers on the offering.
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