HOUSTON, Nov. 9 /PRNewswire-FirstCall/ -- Dresser-Rand Group Inc. ("Dresser-Rand") , a global supplier of rotating equipment, announced today that the secondary offering of 15,000,000 shares of its common stock has priced at $23.08 per share. The shares are being sold by D-R Interholding, LLC, the selling stockholder, pursuant to an automatic shelf registration statement filed by Dresser-Rand on November 8, 2006 with the Securities and Exchange Commission. The underwriter has an option to purchase up to an additional 2,250,000 shares of Dresser-Rand's common stock from the selling stockholder to cover over-allotments, if any. Dresser-Rand will not receive any proceeds from the sale of shares in the offering. The selling stockholder will distribute the aggregate proceeds of approximately $296 million to affiliates of First Reserve Corporation and approximately $50 million to certain members of Dresser-Rand's management, assuming no exercise of the underwriter's over-allotment option. The offering is expected to close on November 14, 2006.
Morgan Stanley is acting as the sole underwriter for the offering.
A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus supplement and the accompanying base prospectus may be obtained by contacting Morgan Stanley & Co. Incorporated, Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, 866-718-1649, or by e-mail at
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities 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 any such state or jurisdiction.
Dresser-Rand is among the largest suppliers of rotating equipment solutions to companies that operate in the worldwide oil, gas, petrochemical, and process industries. Dresser-Rand operates manufacturing facilities in the United States, France, Germany, Norway, India and Brazil, and maintains a network of 26 service and support centers worldwide.
