Citi Exercises Over-allotment
OAK BROOK, Ill., May 11 /PRNewswire-FirstCall/ -- Federal Signal Corporation
(NYSE: FSS), a leader in environmental, safety and transportation solutions,
today announced that the underwriters of its previously announced public offering
of common stock have exercised in full their option to purchase 1,575,000 shares
of Federal Signal common stock at the public offering price of $6.25 per share.
The exercise of the over-allotment option brings the total shares of common stock
sold by Federal Signal in the offering to 12,075,000 shares. Net proceeds will be
approximately $71.0 million, after deducting underwriting discounts and
commissions and estimated expenses. The offering is expected to be completed on
May 12, 2010, subject to customary closing conditions.
The sole book-running manager for the offering and representative of the
other underwriters is Citi.
As previously announced, net proceeds from the offering are expected to be
used to repay indebtedness under Federal Signal's revolving credit facility
associated with the recent acquisitions of Sirit and VESystems.
The offering is being conducted as a public offering registered under the
Securities Act of 1933 pursuant to a registration statement previously declared
effective by the Securities and Exchange Commission ("SEC"). This offering is
being made solely by means of a prospectus and prospectus supplement filed with
the SEC. Copies of the prospectus and prospectus supplement may be obtained from
Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220
(telephone: (800) 831-9146) or through the SEC website at
https://www.sec.gov/.
This press release shall not constitute an offer to sell or a solicitation of
an offer to purchase the common stock or any other securities of the Company. No
offer, solicitation or sale shall be made in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful.
About Federal Signal
Federal Signal enhances the safety, security and well-being of communities
and workplaces around the world. Founded in 1901, Federal Signal is a leading
global designer and manufacturer of products and total solutions that serve
municipal, governmental, industrial and transportation customers and markets.
Headquartered in Oak Brook, IL, with manufacturing facilities worldwide, Federal
Signal operates three groups: Safety and Security Systems, Environmental
Solutions and Fire Rescue. The Company is creating a fourth group, Federal Signal
Technologies. For more information on Federal Signal, visit:
https://www.federalsignal.com.
Forward-Looking Language
This release contains various forward-looking statements as of the date
hereof and we undertake no obligation to update these forward-looking statements
regardless of new developments or otherwise. Statements in this release that are
not historical are forward-looking statements. Such statements are subject to
various risks and uncertainties that could cause actual results to vary
materially from those stated. Such risks and uncertainties include but are not
limited to: the cyclical nature of the Company's industrial, municipal,
government and commercial markets; availability of credit and third-party
financing for customers; the Company's ability to achieve expected savings from
integration, synergy and other cost-control initiatives; volatility in securities
trading markets; economic downturns; risks associated with suppliers, dealers and
other partner alliances; changes in cost competitiveness including those
resulting from foreign currency movements; technological advances by competitors;
increased competition and pricing pressures in the markets served by the Company;
the ability of the Company to expand into new geographic markets and to
anticipate and meet customer demands for new products and product enhancements;
increased warranty and product liability expenses; compliance with environmental
and safety regulations; restrictive debt covenants; disruptions in the supply of
parts or components from sole source suppliers and subcontractors; domestic and
foreign governmental policy change; unforeseen developments in contingencies such
as litigation, protection and validity of patent and other intellectual property
rights; retention of key employees; general changes in the competitive
environment; and other risks and uncertainties described in filings with the SEC.
Contact:
Federal Signal
William Barker
Senior Vice President and Chief Financial Officer
630-954-2000
wbarker@federalsignal.com
Tuesday, 11 May 2010 16:45:04DJN [nDJRB03415] {C}END