Fleetwood Announces Offering of 12,000,000 Shares of Common Stock
19 Junho 2008 - 6:17PM
PR Newswire (US)
RIVERSIDE, Calif., June 19 /PRNewswire-FirstCall/ -- Fleetwood
Enterprises, Inc. (NYSE:FLE) announced today that it intends to
commence an underwritten public offering of 12,000,000 shares of
its common stock. The Company expects to grant the underwriter a
30-day option to purchase up to 1,800,000 additional shares of
common stock from Fleetwood. The Company expects to use the net
proceeds from the offering to repay a portion of its 5% Senior
Secured Convertible Debentures outstanding and for general
corporate purposes. Lehman Brothers is the sole underwriter for the
offering. When available, copies of the preliminary prospectus
supplement and related prospectus may be obtained from Lehman
Brothers, c/o Broadridge, 1155 Long Island Avenue, Edgewood, New
York 11717 (fax: (634) 254-7140 or email: ). This offering will be
made pursuant to the Company's shelf registration statement
previously filed with the Securities Exchange Commission ("SEC")
and declared effective on September 13, 2005. This press release
does not constitute an offer to sell or a solicitation of an offer
to buy the shares of common stock or any other securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state or jurisdiction. About
Fleetwood Fleetwood Enterprises, Inc., through its subsidiaries, is
a leading producer of recreational vehicles and manufactured homes.
This Fortune 1000 company, headquartered in Riverside, Calif., is
dedicated to providing quality, innovative products that offer
exceptional value to its customers. Fleetwood operates facilities
strategically located throughout the nation, including recreational
vehicle, manufactured housing and supply subsidiary plants. For
more information, visit the Company's website at
http://www.fleetwood.com/. This press release contains certain
forward-looking statements and information based on the beliefs of
Fleetwood's management as well as assumptions made by, and
information currently available to, Fleetwood's management. Such
statements reflect the current views of Fleetwood with respect to
future events and are subject to certain risks, uncertainties, and
assumptions, including risk factors identified in Fleetwood's 10-K
and other SEC filings. These risks and uncertainties include,
without limitation, the lack of assurance that we will regain
sustainable profitability in the foreseeable future; the effect of
ongoing weakness in both the manufactured housing and recreational
vehicle markets; the effect of a decline in home equity values,
volatile fuel prices and interest rates, global tensions,
employment trends, stock market performance, availability of
financing generally, and other factors that can have a negative
impact on consumer confidence, which in turn may reduce demand for
our products, particularly recreational vehicles; the availability
and cost of wholesale and retail financing for both manufactured
housing and recreational vehicles; our ability to comply with
financial tests and covenants on existing debt obligations; our
ability to obtain, on reasonable terms if at all, the financing we
will need in the future to execute our business strategies and to
meet the repayment terms of our outstanding convertible debt
instruments, including the $100 million 5% convertible senior
subordinated debentures, which the Company may have to repurchase
in December 2008; potential dilution associated with future equity
financings we may undertake to raise additional capital; the
cyclical and seasonal nature of both the manufactured housing and
recreational vehicle industries; expenses and uncertainties
associated with the entry into new business segments or the
manufacturing, development, and introduction of new products; the
potential for excessive retail inventory levels in the manufactured
housing and recreational vehicle industries; the volatility of our
stock price; repurchase agreements with floorplan lenders, which
could result in increased costs; potential increases in the
frequency of product liability, wrongful death, class action, and
other legal actions; and the highly competitive nature of our
industries. Lyle Larkin, Vice President-Treasurer, 951-351-3535
Kathy A. Munson, Director-Investor Relations, +1-951-351-3650
DATASOURCE: Fleetwood Enterprises, Inc. CONTACT: Lyle Larkin, Vice
President-Treasurer, +1-951-351-3535, or Kathy A. Munson,
Director-Investor Relations, +1-951-351-3650, both of Fleetwood
Enterprises, Inc. Web site: http://www.fleetwood.com/
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