Fleetwood Announces Pricing of Public Offering of Common Stock
20 Junho 2008 - 10:21AM
PR Newswire (US)
RIVERSIDE, Calif., June 20 /PRNewswire-FirstCall/ -- Fleetwood
Enterprises, Inc. (NYSE:FLE) announced today the pricing of its
previously announced public offering of 12,000,000 shares of common
stock at a price of $3.40 per share. All of the shares are being
offered by the Company. The Company has also granted the
underwriter a 30-day option to purchase up to 1,800,000 additional
shares of common stock to cover over-allotments, if any. The
offering is expected to close on or about June 25, 2008, subject to
the satisfaction of customary closing conditions. The Company
expects to use the net proceeds from the offering to repay a
portion of its outstanding 5% Senior Secured Convertible Debentures
and for general corporate purposes. Lehman Brothers is the sole
underwriter for the offering. Copies of the prospectus supplement
and related prospectus may be obtained from Lehman Brothers, c/o
Broadridge, 1155 Long Island Avenue, Edgewood, New York 11717 (fax:
(631) 254-7140 or email: ). This offering was 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. Contact: Lyle Larkin, Vice President - Treasurer
(951) 351-3535 Kathy A. Munson, Director - Investor Relations (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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