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Westport Prices New Stock Offering

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Westport Innovations (NASDAQ: WPRT  ) has put a price tag on its new common stock issue. The company will sell the 6 million shares it is floating in the underwritten public offering for $25.39 per share. Additionally, the issue's underwriters have been granted a 30-day purchase option for up to an additional 900,000 shares.

Westport said it plans to use its take from the potential $175.2 million gross proceeds of the issue "to finance future growth opportunities including acquisitions and investments, to finance our capital expenditures, to reduce our outstanding indebtedness, for working capital purposes or for general corporate purposes."

Morgan Stanley (NYSE: MS  ) , Leucadia's (NYSE: LUK  ) Jefferies, and the Securities arm of Deutsche Bank are the joint book-runners of the issue, which is expected to close "on or about" October 1.

Currently, Westport has nearly 56.5 million shares outstanding, and its stock most recently closed at $24.93 per share.

Read/Post Comments (3) | Recommend This Article (4)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On September 28, 2013, at 12:25 AM, KM51754 wrote:

    Useless article. NO VALUE added information. Waste of time reading.

  • Report this Comment On September 28, 2013, at 2:37 PM, TMFVolkman wrote:

    Thanks, KM51754!

  • Report this Comment On October 02, 2013, at 7:50 AM, kamsmart wrote:

    Hi Eric,

    Thanks for the information actually! is the first place where I look for information when a stock either surges or falls down see why that happened. And you bet, there would be an article clearly articulating in very elqouent, yet concise language as to why it happened and a small write-up about what the author think it means to the investment thesis. May be KM51754 does not find any value, but I do find a huge value in it. In fact, to the extent, that I decided to post this comment. I usually dont even have the time to write a comment on an article... I would usually just browse through it quickly, but reading the negative sentiment here, caused me to pause and make my own comments to re-inforce the value of this article.

    Thanks again, Eric!

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