Moog plans to repay portion of revolver using class A stock proceeds

By Jennifer Chiou

New York, Sept. 28 - Moog Inc. announced that it will use the net proceeds from an offering of class A common stock to repay a portion of its revolving bank credit facility.

In the public offering, Moog plans to sell 2.5 million class A shares.

Cowen and Co. is the lead manager and will have a 30-day option to purchase an additional 375,000 class A shares.

The company also announced the completion of the acquisition of GE Aviation Systems' flight control actuation business for $90 million in cash, which was financed with funds available under its revolver.

The offering is meant to repay the borrowed portion under the revolver.

Based in East Aurora, N.Y., Moog is a designer, manufacturer and integrator of precision control components and systems.

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