Genesee & Wyoming Inc. (GWI) (NYSE: GWR - News) announced today that it has priced its previously announced underwritten registered public offering of 4,000,000 shares of its Class A Common Stock at $24.50 per share. In addition, GWI has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of its Class A Common Stock to cover over-allotments, if any.
GWI is expected to receive $92,600,000 in net proceeds from the sale of its Class A Common Stock, plus any proceeds received from the exercise by the underwriters of their over-allotment option. GWI intends to use the proceeds of the offering to repay all or substantially all of the amounts outstanding under its revolving credit facility and for general corporate purposes, including strategic investments and acquisitions.
The offering was made under an effective shelf registration statement. Citi, J.P.Morgan and Deutsche Bank Securities were joint book-running managers and Merrill Lynch & Co., BB&T Capital Markets, Morgan Keegan & Company, Inc., Stephens Inc. and Dahlman Rose & Company, LLC were co-managers.
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