RACINE, Wis., Aug. 9, 2017 /PRNewswire/ -- Modine Manufacturing
Company (NYSE: MOD), a diversified global leader in thermal
management technology and solutions, today announced that it has
commenced an underwritten public offering of 5 million shares of
common stock. In connection with the offering, the Company intends
to grant the underwriters a 30-day option to purchase up to an
additional 750,000 shares of common stock of the Company.
The Company intends to use all of the net proceeds of the
offering to pay down outstanding indebtedness.
The offering is being made through an underwriting group led by
Baird, who is acting as joint book-running manager and as
representative of the underwriters, and KeyBanc Capital Markets,
who is acting as joint book-running manager for the common stock
offering. Seaport Global Securities and Craig-Hallum Capital
Group are acting as co-managers for the offering.
The offering is being made by means of a prospectus supplement
and accompanying base prospectus, copies of which may be obtained
free by visiting EDGAR on the Securities and Exchange Commission
(SEC) website at www.sec.gov . The prospectus supplement and
base prospectus may also be obtained by sending a request to:
Robert W. Baird & Co. Incorporated, 777 E. Wisconsin Avenue,
Milwaukee, WI 53202,
Attention: Syndicate Department.
The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission on June 9, 2017.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Company's common stock or any
other securities, and there shall not be any offer, solicitation or
sale of securities mentioned in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such any state or jurisdiction.
About Modine
Modine, with fiscal 2017 revenues of $1.5
billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling
components, original equipment products, and systems to diversified
global markets through its three complementary business
units: Vehicular Thermal Solutions (VTS); Commercial &
Industrial Solutions (CIS); and Building HVAC Systems
(BHVAC). Modine is a global company headquartered in
Racine, Wisconsin (USA), with
operations in North America,
South America, Europe, Asia
and Africa. For more information
about Modine, visit www.modine.com.
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," and other similar
"forward-looking" statements, as defined in the Private Securities
Litigation Reform Act of 1995. Modine's actual results, performance
or achievements may differ materially from those expressed or
implied in these statements because of certain risks and
uncertainties, including, but not limited to, those described under
"Risk Factors" in Item 1A of Part I of the Company's Annual Report
on Form 10-K for the year ended March 31,
2017 and under Forward-Looking Statements in Item 7 of Part
II of that same report and in the Company's Quarterly Report on
From 10-Q for the quarter ended June 30,
2017. Other risks and uncertainties include, but are not
limited to, the following: Modine's ability to integrate the former
Luvata HTS operations into Modine, to harness the anticipated
synergies associated with the transaction, and to achieve projected
cash flows sufficient to enable Modine to maintain a desirable
leverage ratio; the overall health and price-down focus of Modine's
customers, particularly in light of economic and market-specific
challenges; uncertainties regarding the costs and benefits of
Modine's restructuring activities; operational inefficiencies as a
result of program launches, unexpected volume increases and product
transfers; economic, social and political conditions, changes and
challenges in the markets where Modine operates and competes,
including foreign currency exchange rate fluctuations (particularly
the value of the euro, Brazilian real and British pound relative to
the U.S. dollar), tariffs, inflation, changes in interest rates,
recession, restrictions associated with importing and exporting and
foreign ownership, and in particular the economic and market
conditions in Brazil and
China, the remaining economic
uncertainties in certain markets in North
America, and the general uncertainties about the impact of
potential regulatory and/or policy changes in the U.S. as a result
of a change in administration, and continuing uncertainty regarding
"Brexit"; the impact on Modine of any significant increases in
commodity prices, particularly aluminum and copper, and our ability
to pass these prices on to customers; Modine's ability to
successfully execute its strategic and operational plans; the
nature of and Modine's significant exposure to the vehicular
industry and the dependence of this industry on the health of the
economy; the concentration of sales within our CIS segment
attributed to one customer, and our ability to manage troughs and
take advantage of peaks; costs and other effects of environmental
investigation, remediation or litigation; and other risks and
uncertainties identified by the Company in public filings with the
U.S. Securities and Exchange Commission. The Company does not
assume any obligation to update any forward-looking statements.
Contact: Kathleen T. Powers 262-636-1687
k.t.powers@na.modine.com
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SOURCE Modine Manufacturing Company