AZZ Inc., a firm specializing in hot-dip galvanizing and coil coating solutions, has announced the pricing of its publicly underwritten offering. This consists of 4 million shares of common stock, each priced at $70.00. The gross proceeds from this offering amount to $280 million before the subtraction of any underwriting discounts, commissions, and additional offering-related expenses.
The underwriters participating in this offering have also been given an option by AZZ to purchase an additional 15% of the common stock shares sold during the offering period. This option can be exercised within 30 days.
The offering is slated to close on April 30, 2024.
As for the utilization of the net proceeds, AZZ has revealed its intentions to deploy them towards the redemption of either all or a part of the company's 6.0% Series A Convertible Preferred Stock. The remaining funds will be directed towards general corporate purposes.
