BELOIT, Wis., May 22 /PRNewswire-FirstCall/ -- Regal Beloit Corporation announced today that it has completed its previously announced public offering of common stock at a price of $36.25 per share to the public. Regal Beloit also announced that the underwriter in the offering has exercised its option to purchase additional shares to cover over-allotments, resulting in a total sale to the public of 4,312,500 shares of common stock.
Regal Beloit expects to receive net proceeds from the offering of approximately $150.6 million after deducting underwriting discounts and commissions and estimated expenses of the offering. Regal Beloit will use the net proceeds from the offering for general corporate and working capital purposes, including the potential repayment of long-term debt and the funding of future acquisitions.
Robert W. Baird & Co. acted as underwriter for the offering. The offering is being made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from the offices of Robert W. Baird & Co. Incorporated, 777 East Wisconsin Avenue, 28th Floor, Milwaukee, Wisconsin 53202-5391, or by calling 1-800-792-2413. Electronic copies of the prospectus and the prospectus supplement are available on the Securities and Exchange Commission's Web site at http://www.sec.gov/.
This press release does not constitute an offer to sell these securities or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Regal Beloit Corporation
Regal Beloit Corporation is a leading manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world. Regal Beloit Corporation is headquartered in Beloit, Wisconsin, and has manufacturing, sales, and service facilities throughout the United States, Canada, Mexico, Europe and Asia.
Regal Beloit Corporation
CONTACT: David A. Barta, Vice President, Chief Financial Officer of
Regal Beloit Corporation, +1-608-361-7405
Web Site: http://www.regal-beloit.com/
