WHEELING, W.Va., Sept. 16 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Corporation (Nasdaq: WPSC) announced today the pricing of a public offering of
3,650,000 shares of common stock, including 477,602 shares offered on behalf
of certain selling shareholders, at a public offering price of $29.00 per
share. Wheeling-Pittsburgh has granted the underwriters a 30-day option to
purchase up to 547,500 additional primary shares of common stock to cover
over-allotments, if any.
UBS Securities LLC is acting as sole book-running manager and KeyBanc
Capital Markets, a division of McDonald Investments Inc., is acting as co-
manager for the offering.
Wheeling-Pittsburgh expects to receive net proceeds, after the
underwriting discount and all expenses, of approximately $84.9 million. The
Company anticipates using net proceeds to repay the outstanding indebtedness
under its revolving credit facility as of the closing of the offering and, to
the extent of any excess, to fund ongoing capital expenditures.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. This offering of shares of common stock may be made only by
means of a prospectus, a copy of which can be obtained from UBS Securities
LLC, Prospectus Department, 299 Park Avenue, New York, NY 10171
(phone 212-821-3000).
Wheeling-Pittsburgh Corporation, together with its primary subsidiary,
Wheeling-Pittsburgh Steel Corporation, is a metal products company with 3,100
employees. Its facilities are in Steubenville, Mingo Junction, Yorkville, and
Martins Ferry, OH; Beech Bottom and Follansbee, WV; and Allenport, PA.
Statements in this release that express a belief, expectation or
intention, as well as those which are not historical fact, are
forward-looking. They involve a number of risks and uncertainties, which may
cause actual results to differ materially from such forward-looking
statements. For more information about these risks and uncertainties, please
refer to Wheeling-Pittsburgh Corporation's annual report on Form 10-K for the
period ending December 31, 2003, and other filings, with the Securities and
Exchange Commission.
SOURCE Wheeling-Pittsburgh Corporation
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