Ceradyne Announces Concurrent Public Offerings
December 5, 2005
Ceradyne, Inc. is offering to sell 1,800,000 shares of its common stock in an underwritten public offering. The company intends to grant the underwriters a 30-day option to purchase up to an additional 270,000 shares of common stock to cover over-allotments. All of the shares are being offered by the company. Ceradyne has also announced that it is offering to sell $100 million aggregate principal amount of senior subordinated convertible notes due 2035 in an underwritten public offering. The company intends to grant the underwriters a 13-day option to purchase up to an additional $10 million of notes to cover over-allotments. Both offerings are subject to market and other conditions, and are not contingent on each other. Ceradyne intends to use a portion of the net proceeds from the concurrent offerings to repay all outstanding debt under its credit facility, which was $110.9 million as of September 30, 2005. The balance of the net proceeds will be used for working capital, capital expenditures and other general corporate purposes, including the funding of potential acquisitions of businesses, technologies or product lines.
The company's website is located at www.ceradyne.com.