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RBC Bearings Slips 13% On News Of Stock Offering

Shares of RBC Bearings Inc. (ROLL) slipped over 13% on Tuesday morning after the company announced common stock offering and mandatory convertible preferred stock.

ROLL is currently trading at $185.91, down $29.64 or 13.75%, on the Nasdaq. The stock has traded between $113.40 and $250.52 in the 52 week period.

RBC Bearings, an international manufacturer and marketer of highly engineered precision bearings and products for the industrial, defense and aerospace industries, announced that it has commenced concurrent public offerings of 3 million common shares and $400 million in aggregate liquidation preference of Series A Mandatory Convertible Preferred Stock.

RBC Bearings is conducting the proposed offerings in connection with its financing of its previously announced pending acquisition of the Dodge Mechanical Power Transmission Business of ABB Asea Brown Boveri Ltd. RBC Bearings intends to use the proceeds to fund a portion of the cash purchase price for the pending acquisition of Dodge, to pay acquisition-related fees and expenses, and for other general corporate purposes.

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