ANNAPOLIS JUNCTION, MD, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Colfax Corporation (NYSE: CFX), a leading diversified technology company, today announced that it has completed its previously announced public offering of 4 million of its 5.75% tangible equity units at $100 per unit. In connection with the offering, the Company granted the underwriters a 13-day option to purchase up to an additional 600,000 Units, solely to cover over-allotments. On January 9, 2019, the option was exercised in full and settlement occurred on January 11, 2019. The tangible equity unit offering was made by means of a prospectus supplement under Colfax’s effective shelf registration statement. Colfax’s common stock is listed on the New York Stock Exchange under the symbol “CFX,” and the tangible equity units will be listed on the New York Stock Exchange under the symbol “CFXA” and are expected to begin trading on January 16, 2019.
One or more entities affiliated with Mitchell Rales, the Chairman of our Board, or Steven Rales, one of our current stockholders, purchased 500,000 Units (representing an aggregate stated amount of $50 million) in this offering at the public offering price for investment purposes.
“We are pleased with the high levels of interest in the offering and the terms we secured,” said Christopher M. Hix, Senior Vice President and Chief Financial Officer. “We completed our bank group financing in December and now this key second portion of the financing. The acquisition is expected to close this quarter, and we are working toward a rapid and smooth integration following the close.”
Colfax intends to use the net proceeds from the offering to finance a portion of the purchase price for the previously announced acquisition of DJO Global Inc. and to pay related fees and expenses. If for any reason the merger is not consummated, then Colfax intends to use the net proceeds from the offering, after payment of any cash redemption amount and repurchase price, for general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any 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.
ABOUT COLFAX CORPORATION – Colfax Corporation is a leading diversified technology company that provides fabrication technology and air and gas handling products and services to customers around the world principally under the ESAB and Howden brands. Colfax believes that its brands are among the most highly recognized in each of the markets that it serves. The Company uses its Colfax Business System (“CBS”), a comprehensive set of tools, processes and values, to create superior value for customers, shareholders and associates. Colfax is traded on the NYSE under the ticker “CFX.”
