LUFKIN, Texas, Feb. 29, 2012 /PRNewswire/ -- Lufkin
Industries, Inc. (NASDAQ: LUFK) (the "Company") announced today
that it has priced its public offering of 2,500,000 shares of
common stock at $79.25 per
share. The Company expects the offering to close on
March 6, 2012. The underwriters have
been granted a 30-day option to purchase from the Company up to an
additional 375,000 shares to cover over-allotments, if any.
The Company will receive net proceeds after offering expenses of
approximately $188.9 million.
The Company intends to use the net proceeds of the offering to
repay all of the borrowings outstanding under its new delayed draw
temporary term loan (if any) and all of the borrowings outstanding
under its revolving credit facility. Fifty percent of any remaining
proceeds will be used to repay a portion of the borrowings
outstanding under its term loan and fifty percent will be used for
general corporate purposes.
Barclays Capital and J.P. Morgan acted as joint book-running
managers for the offering. BofA Merrill Lynch and Wells Fargo
Securities acted as senior co-managers.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any
jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be
made only by means of a prospectus supplement and accompanying base
prospectus.
A copy of the final prospectus supplement and accompanying base
prospectus relating to the offering, when available, may be
obtained from the offices of:
Barclays Capital
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Toll-free: 888-603-5847
Email: Barclaysprospectus@broadridge.com
J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Phone: 866-803-9204
You may also obtain these documents for free when they are
available from the Securities and Exchange Commission (the "SEC")
at www.sec.gov.
Lufkin Industries, Inc. sells and services oilfield pumping
units, well automation systems, gas lift and plunger lift systems,
progressing cavity pumps, well completion products, foundry
castings and power transmission products throughout the
world.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements,
including, in particular, statements about Lufkin Industries' plans
and intentions with respect to the proposed issuance of shares of
its common stock and the use of proceeds thereof. These have been
based on the Company's current assumptions, expectations and
projections about future events. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, the Company can give no assurance that the expectations
will prove to be correct.
LUFK-IR
Contact:
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Christopher L. Boone
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936-631-2749
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DRG&L:
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Jack
Lascar / 713-529-6600
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Anne
Pearson / 210-408-6321
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SOURCE Lufkin Industries, Inc.