CSW Industrials, Inc. (NASDAQ: CSWI) has announced the upsize and pricing of its public offering of common stock. The size of the offering has increased from 1,000,000 shares to 1,100,000 shares, priced at $285 per share. This results in gross proceeds of approximately $313.5 million.
The company has granted the underwriters a 30-day option to purchase up to an additional 165,000 shares of its common stock at the public offering price less the underwriting discount.
CSW Industrials intends to use the net proceeds to repay outstanding debt, with the remainder for general corporate purposes, including potential future acquisitions.
J.P. Morgan, Goldman Sachs & Co. LLC, and Truist Securities are acting as lead book-running managers, while Wells Fargo Securities and Citigroup are acting as joint book-running managers. Additionally, CJS Securities, Comerica Securities, TPH&Co., the energy business of Perella Weinberg Partners, and Zions Capital Markets are acting as co-managers of the offering.
The shares are being offered by the company pursuant to its shelf registration statement on Form S-3 (file no. 333-281932), which became automatically effective on September 4, 2024.
The offering is expected to close on or about September 6, 2024, subject to market and other customary closing conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor is there any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Today the company's shares have moved -2.4% to a price of $285.0. Check out the company's full 8-K submission here.
