Barnes Group Closes Public Offering of Common Stock.Business Editors BRISTOL, Conn.--(BUSINESS WIRE)--May 28, 2003 Barnes Group Inc. (NYSE NYSE See: New York Stock Exchange : B) today announced the closing of its public offering of 3,205,431 shares of its common stock at $19.00 per share. The offering included 823,506 shares sold by an existing shareholder, GC-Sun Holdings II, L.P., and 381,925 shares granted by the Company to the underwriters to cover over-allotments. As a result of the offering, Barnes Group now has approximately 22.5 million shares outstanding. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Barnes Group of approximately $42.3 million will be used to pay down existing indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. . Barnes Group did not receive any of the proceeds from the sale of the shares owned by GC-Sun Holdings. Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control served as book-running manager of the offering. Co-managers of the offering were McDonald Investments Inc., Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. and BB&T Capital Markets. "This marks a significant event in the long history of Barnes Group. We have significantly improved the position of our balance sheet through the completion of this offering, raising $42 million of capital that will allow us to continue to generate sustainable, profitable growth through both internal programs and through acquisitions," stated William C. Denninger, Barnes Group Inc.'s Chief Financial Officer. Barnes Group Inc. (www.barnesgroupinc.com) is a diversified diversified (di·verˑ·s international manufacturer of precision metal components and distributor of industrial supplies, serving a wide range of markets and customers. Founded in 1857 and headquartered in Bristol, Connecticut Bristol is a city located in Hartford County, Connecticut, 20 miles (32 km) southwest of Hartford. According to 2006 Census Bureau estimates, the population of the city is 61,353. , Barnes Group consists of three businesses with 2002 sales of $784 million: Associated Spring, one of the world's largest manufacturers of precision mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer and repairer of highly engineered assemblies and products for commercial and military aircraft engines, airframes, and land-based industrial gas turbines; and Barnes Distribution, an international, full-service distributor of maintenance, repair and operating supplies. Over 6,200 dedicated employees at more than 60 locations worldwide contribute to Barnes Group Inc.'s success. |
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