Ferro Corporation Announces Exercise of Over-Allotment Option
Published: Aug 28, 2008
CLEVELAND--(BUSINESS WIRE)--Ferro Corporation (NYSE: FOE) (the “Company”), announced today that, in connection with its offering of $150 million aggregate principal amount of 6.50% Convertible Senior Notes due 2013 (the “Convertible Notes”), the underwriters have fully exercised the over-allotment option and have purchased an additional $22.5 million aggregate principal amount of Convertible Notes. The total aggregate principal amount of the Convertible Notes is therefore $172.5 million. The Company received all the proceeds from the sale of the additional Convertible Notes, which will be used to repay a portion of the amount borrowed under the Company’s revolving credit facility used to finance the closing of the tender offer for its 9 1/8% Senior Notes due 2009 on August 19, 2008.