May 29, 2006
Wire and cable manufacturer Superior Essex Inc. has announced that it plans to offer 2.7 million shares of its common stock in an underwritten public offering.
The offering will be made under the company’s effective shelf registration statement filed with the Securities and Exchange Commission.
Superior Essex intends to grant the underwriters an over-allotment option covering an additional 405,000 shares.
The company says it intends to use the net proceeds from this offering to reduce outstanding borrowings under its senior secured revolving credit facility, to fund working capital needs due to rising copper costs and for other general corporate purposes including potential acquisitions.
UBS Investment Bank and JPMorgan Securities Inc. will be joint bookrunning managers for the offering, with Morgan Joseph serving as co-manager.