IntriCon prices $83m offering

IntriCon (NSDQ:IIN) today priced an upcoming public offering looking to raise approximately $82.5 million.
The Arden Hills, Minn.-based company said it is looking to float 1.5 million shares of common stock at $55 per share, and that the offering is expected to close on August 20.
The offering includes a 30-day underwriter’s option to purchase an additional 225,000 shares of common stock at the same price, according to a press release.
Intricon said it expects to see net proceeds of approximately $77.3 million after discounts and expenses, which it plans to use to repay debt, fund capital expenditures and repurchase and retire 500,000 shares of common stock from its employees, and for working capital and other general corporate purposes.
In March, Intricon said it inked a 5-year lease that will secure 30,000 sq. ft of manufacturing floor space near its Arden Hills, Minn. facility.
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Source: Mass Device - August 16, 2018 Category: Medical Devices Authors: Fink Densford Tags: Business/Financial News Wall Street Beat IntriCon Corp. Source Type: news