Mayville Engineering Company Announces Closing of Public Offering, Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares of Common Stock
Mayville Engineering Company (MEC) closed a public offering of 5 million shares at $20.00 per share, raising $100 million in gross proceeds. The underwriters fully exercised their option to purchase an additional 652,000 shares, bringing the total shares issued to 5.652 million. MEC intends to use the net proceeds to reduce debt under its senior secured revolving credit facility, fund capital expenditures for growth sectors, and support working capital.
Key figures
- Deal Value Usd
- 100000000
- Offering Price
- 20
- Shares Offered
- 5000000
- Over allotment shares
- 652000
- Credit facility maturity
- June 28, 2028
- Credit facility interest rate
- 6.42%
AI analysis
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