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Rail News: Rail Industry Trends
2/13/2003
Rail News: Rail Industry Trends
Timken sells shares of common stock to fund purchase of Ingersoll-Rand unit
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On Feb. 11, The Timken Co. issued a public offering of 11 million shares of common stock at $14.90 per share. The transaction is expected to close Feb. 18.
Timken plans to use offering proceeds to fund a cash portion of its proposed $840 million deal to acquire Ingersoll-Rand Co. Ltd.'s Engineered Solutions business. The common stock offering's closing is contingent on the acquisition's closing.
Timken also is offering $250 million in senior unsecured notes for the transaction, under which the company plans to issue to Ingersoll-Rand 9.4 million shares of Timken common stock.
By issuing 20.4 million shares, Timken expects total shareholders' equity to total about $300 million.
Timken plans to use offering proceeds to fund a cash portion of its proposed $840 million deal to acquire Ingersoll-Rand Co. Ltd.'s Engineered Solutions business. The common stock offering's closing is contingent on the acquisition's closing.
Timken also is offering $250 million in senior unsecured notes for the transaction, under which the company plans to issue to Ingersoll-Rand 9.4 million shares of Timken common stock.
By issuing 20.4 million shares, Timken expects total shareholders' equity to total about $300 million.
