Printer Friendly

HUNTCO ANNOUNCES PUBLIC OFFERING OF COMMON STOCK

 CHESTERFIELD, Mo., June 30 /PRNewswire/ -- Huntco Inc. (NASDAQ: HUNT), a Chesterfield, Mo.-based intermediate steel processor, announced that it has commenced an initial public offering of 3,200,000 shares of its class A common stock at $17 per share. The size of the offering may increase if the underwriters exercise their over-allotment option to purchase an additional
480,000 shares. Of the shares being offered, 2,960,000 shares are being offered by the company and 240,000 shares by a shareholder of the company. Shares subject to the over- allotment option are being offered by the company. Total proceeds of the offering to the company, after underwriting discounts and expenses of the offering, will be approximately $46.4 million; or $54 million if the over-allotment option is exercised.
 The offering is being made in both the United States and internationally through an underwriting syndicate managed by Donaldson, Lufkin & Jenrette Securities Corporation. The proceeds of the offering will be used by the company to retire substantially all of its debt, to redeem preferred stock and for general corporate purposes.
 Huntco Inc., through its subsidiaries, Huntco Steel, Inc. and Midwest Products, Inc., is a major intermediate steel processor, specializing in the processing of flat rolled carbon steel to specified tolerances, and a leading manufacturer of portable compressed air vessels and cylinders.
 Bud Hunter, chairman and chief executive officer of the company, commenting on the offering, stated: "This transaction will position Huntco Inc. to aggressively pursue its expansion plans and will improve its competitive position in all business segments. The company has operated successfully with a leveraged capital structure and should be able to accelerate the growth rate of its core businesses, as well as pursue new opportunities in related businesses with its improved capital structure."
 -0- 6/30/93
 /CONTACT: Robert J. Marischen for Huntco Inc., 314-878-0155/
 (HUNT)


CO: Huntco Inc. ST: Missouri IN: MNG SU: OFR

LR -- NY005 -- 7007 06/30/93 08:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1993
Words:326
Previous Article:MAGAININ PHARMACEUTICALS INITIATES PIVOTAL PHASE IIb/III CLINICAL TRIALS FOR MSI-78
Next Article:AMERICAN RE ELECTS JAMES A. LAWRENCE TO BOARD OF DIRECTORS
Topics:


Related Articles
HUNTCO FILES REGISTRATION STATEMENT ON FORM S-1
HUNTCO PRICES PUBLIC OFFERING
HUNTCO UPDATES AND REAFFIRMS COMMENTS MADE IN FEB. 11, 1994 NEWS RELEASE
HUNTCO REPORTS RECORD SALES AND NET INCOME FOR FOURTH QUARTER AND YEAR ENDED APRIL 30, 1994; $.02 DIVIDEND DECLARED
HUNTCO FILES ORIGINAL LISTING APPLICATION WITH THE NEW YORK STOCK EXCHANGE
HUNTCO REPORTS RECORD NET SALES, NET INCOME AND EARNINGS PER SHARE FOR THE 4TH QUARTER AND YEAR ENDED APRIL 30, 1995. $.025 DIVIDEND DECLARED.
Huntco Reports Third Quarter Results of Operation; $.035 Dividend Declared.
Huntco Comments on Stock Price.
Enron Announces Price Risk Management and Procurement Outsourcing Agreement With Huntco Steel.
Huntco Inc. Completes Cold Rolling and Pickling Operations Sale; Announces Funding of New Term Loan.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters