Hardinge Follow-On Stock Offering Raises $55.9 Million
25 Abril 2007 - 6:05PM
PR Newswire (US)
ELMIRA, N.Y., April 25 /PRNewswire-FirstCall/ -- Hardinge Inc.
(NASDAQ:HDNG), a leading global provider of advanced
material-cutting solutions, today announced that it had closed its
public offering of 2,553,000 shares of its common stock, including
the 333,000 over-allotment option exercised in full by the
underwriters, with net proceeds of approximately $55.9 million,
after deducting underwriting discounts and commissions and
estimated offering expenses. Hardinge will use the net proceeds to
repay indebtedness under its U.S. overdraft and revolving line of
credit facilities and the balance for general corporate purposes.
The offering was underwritten by Jefferies & Company, Inc.
acting as the book-running manager and J.P. Morgan Securities Inc.
acting as co-manager. "We are very pleased with the successful
completion of our follow-on offering and the financial flexibility
it provides Hardinge to pursue additional global growth
initiatives," said J. Patrick Ervin, Chairman, President and Chief
Executive Officer. "Our company is strongly positioned in the
machine-tool industry with global production and sales
capabilities, as well as a diverse array of end-user markets and
customers in multiple industries. The completion of this
transaction will enable Hardinge to fund new strategic investments
and acquisition opportunities." This announcement is neither an
offer to sell nor a solicitation of an offer to buy any securities
nor shall there be any sale of these securities in any state in
which the offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
state. The offering is made under the company's existing shelf
registration statement previously filed with and declared effective
by the Securities and Exchange Commission. Any offer of the shares
will be made exclusively by means of a prospectus, including a
prospectus supplement forming a part of the effective registration
statement. When available, a final prospectus supplement and the
accompanying prospectus relating to the offering may be obtained by
contacting Jefferies & Company, Inc. at 520 Madison Avenue, New
York, N.Y. 10022. Hardinge is a global designer, manufacturer and
distributor of machine tools, specializing in high-precision,
computer controlled, material-cutting machines. The company's
products are distributed to most of the industrialized markets
around the world and in 2006 more than 60% of sales were from
outside of North America. Hardinge has a very diverse international
customer base and serves a wide variety of end-user markets. Along
with metalworking manufacturers which make parts for a variety of
industries, our customers include a wide range of end users in the
aerospace, agricultural, transportation, basic consumer goods,
communications and electronics, construction, defense, energy,
pharmaceutical and medical equipment, and recreation industries,
among others. The company has manufacturing operations in the
United States, Switzerland, Taiwan and China. Hardinge's common
stock trades on NASDAQ under the symbol, "HDNG." For more
information, please visit http://www.hardinge.com/. This news
release contains forward-looking statements (within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended). Such
statements are based on management's current expectations that
involve risks and uncertainties. Any statements that are not
statements of historical fact or that are about future events may
be deemed to be forward-looking statements. For example, words such
as "may," "will," " should," "estimates," "predicts," "potential,"
"continue," "strategy," "believes," "anticipates," "plans,"
"expects," "intends," and similar expressions are intended to
identify forward-looking statements. The Company's actual results
or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements. The Company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise. Contact: Kelly R. Baker,
Treasurer (607) 378-4302 DATASOURCE: Hardinge Inc. CONTACT: Kelly
R. Baker, Treasurer, of Hardinge Inc., +1-607-378-4302 Web site:
http://www.hardinge.com/
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