Federal Signal Announces Pricing of Public Offering of Common Stock
Federal Signal Corporation, a leader in environmental, safety and transportation solutions, today announced the pricing of its previously announced underwritten public offering of 10,500,000 shares of common stock at a fixed price of $6.25 per share, which will yield net proceeds to the Company of approximately $61.7 million.
Additionally, the underwriters for the offering have been granted a 30-day option to purchase up to 1,575,000 additional shares of Federal Signal common stock at the initial offering price to cover over-allotments, if any. The offering is expected to be completed on May 12, 2010, subject to customary closing conditions.
As previously announced, net proceeds from the offering are expected to be used to repay indebtedness under Federal Signal's revolving credit facility associated with the recent acquisitions of Sirit and VESystems.
Citi is acting as sole book-running manager for the offering and as representative of the other underwriters.
As previously announced, net proceeds from the offering are expected to be used to repay indebtedness under Federal Signal's revolving credit facility associated with the recent acquisitions of Sirit and VESystems.
Citi is acting as sole book-running manager for the offering and as representative of the other underwriters.
About Federal Signal
Federal Signal enhances the safety, security and well-being of communities and workplaces around the world. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and transportation customers and markets. Headquartered in Oak Brook, IL, with manufacturing facilities worldwide, Federal Signal operates three groups: Safety and Security Systems, Environmental Solutions and Fire Rescue. The Company is creating a fourth group, Federal Signal Technologies.
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