Columbus McKinnon to redeem $40.3 million 10% notes with stock sale proceeds

By E. Janene Geiss

Philadelphia, Oct. 20 - Columbus McKinnon Corp. said it plans to redeem $40.3 million of its 10% senior secured notes due 2010 using some of the proceeds from a public offering of 3.350 million shares of common stock.

The company will also use proceeds from the sale for general corporate purposes, including additional debt repayment, investments and acquisitions.

Of the total stock sale, 3 million will be sold by Columbus McKinnon and 350,000 by a selling shareholder. The company will not receive any proceeds from the shareholder's sale, according to an S-3 filing with the Securities and Exchange Commission.

The stock offering will be lead managed by Credit Suisse First Boston.

Amherst, N.Y.-based Columbus McKinnon is a designer, manufacturer and marketer of material handling products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.