Fushi Copperweld, Inc. (FSIN) announced the pricing of public follow-on offering of 6.5 million shares of its common stock at $8.00 per share. The Dalian-based company said it will receive aggregate net proceeds of about $48 million, after deducting underwriting discounts and commissions and estimated offering expenses, not including the over-allotment option.
Fushi Copperweld said it intends to use about $39.7 million of the net proceeds to repay indebtedness, and remaining proceeds for working capital and other general corporate purposes.
Jefferies & Company, Inc. acted as sole book-running manager, with Roth Capital Partners, LLC as co-lead manager, and Rodman & Renshaw, LLC as co-manager. In connection with this offering, the company granted the underwriters a 30-day option to purchase up to an additional 975 thousand shares.
The company expects to close the transaction on or about February 1, 2010, subject to customary conditions.
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