Milwaukee, Wis.—A. O. Smith Corporation (AOS-NYSE; SMCA-AMEX) announced the pricing following the close of business today of a public offering of 4,153,100 shares of its common stock at a price per share to the public of $28.25. The company increased the size of its offering from an initial expected offering size of 3,500,000 shares. All of the shares are offered by A. O. Smith.
The company expects the public offering of the shares to close on May 10. The underwriters for the offering have an option to purchase up to 622,965 additional shares of common stock at the same price per share to cover any over-allotments.
The offering is marketed through a group of underwriters that includes lead manager Robert W. Baird & Co. Incorporated and co-managers Banc of America Securities LLC and Bear, Stearns & Co. Inc.
The net proceeds from the offering will be approximately $110.8 million, assuming no exercise of the underwriters' over-allotment option, and will be used to pay down debt.
The offering is being made only by means of a prospectus, a copy of which may be obtained from the offices of Robert W. Baird & Co. Incorporated, 777 E. Wisconsin Ave., Milwaukee, Wis., 53202, or from one of the other underwriters.