Textron prices offering to raise more than US$750M
April 30, 2009, Providence, RI - Textron Inc. is raising US$757 million in cash through the sale of convertible senior notes and common stocks.
April 30, 2009 By Carey Fredericks
April 30, 2009, Providence, RI – Textron Inc. is raising US$757 million in cash
through the sale of convertible senior notes and common stocks, the
company said Thursday.
The industrial conglomerate, which makes Cessna planes, Bell
helicopters and turf equipment, previously disclosed plans to offer
convertible senior notes and common stocks to repay debt and boost
The diversified manufacturer has been aggressively looking to
improve its liquidity. It ended the quarter with $1.7 billion in
Under the plan, Textron has agreed to sell 20,700 shares of
common stock for $10.50 per share. As part of that offer, the
company will grant underwriters a 30-day option to buy an additiona
3.1 million shares.
Textron has also agreed to sell $540 million of convertible
senior notes due May 1, 2013. Grant underwriters will also be
offered an option to buy an additional $60 million of notes.
The offering will close on May 5.
Shares of Textron added 41 cents, or 3.8 per cent, to $11.22 in