Twin Disc, Incorporated (Nasdaq: TWIN), a global leader in power transmission technology for marine and land-based applications, today announced that it has commenced an underwritten public offering of $30,000,000 of shares of its common stock. All of the shares are being offered by Twin Disc. In addition, Twin Disc intends to grant the underwriters a 30-day option to purchase up to an additional $4,500,000 of shares of common stock of the Company.
Twin Disc intends to use the net proceeds from the offering to pay down existing indebtedness, which will make available other Company resources for general corporate and working capital purposes, including potentially funding future acquisitions. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Baird is acting as sole active book-running manager for the offering. Oppenheimer & Co. Inc. is acting as joint book-running manager for the offering.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-227130) that was initially filed with the Securities and Exchange Commission (“SEC”) on August 31, 2018. A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.