SAN FRANCISCO (Thomson Financial) - Sterling Construction Co. said late Wednesday it has filed a Form S-3 registration statement with the Securities and Exchange Commission for a proposed public offering of up to 1.6 million shares of its common stock.
In connection with the offering, the Houston-based company said it will grant the underwriter, D.A. Davidson & Co., a 30-day option to purchase up to 240,000 additional shares to cover any over-allotments.
Sterling said it plans to use the net proceeds of the offering to repay all outstanding debt under its revolving credit facility and to strengthen its balance sheet.
Shares of Sterling closed the regular session up 24 cents at $24.29. Gabriel Madway gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
In connection with the offering, the Houston-based company said it will grant the underwriter, D.A. Davidson & Co., a 30-day option to purchase up to 240,000 additional shares to cover any over-allotments.
Sterling said it plans to use the net proceeds of the offering to repay all outstanding debt under its revolving credit facility and to strengthen its balance sheet.
Shares of Sterling closed the regular session up 24 cents at $24.29. Gabriel Madway gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
