Generac secondary offering of 6.5M shares priced
Secondary offering of 6.5 million Generac shares priced at $34.95 per share
WAUKESHA, Wis. (AP) -- A secondary offering of 6.5 million Generac shares held by funds affiliated with private equity firm CCMP Capital has priced at $34.95 per share, or about 2 percent below Thursday's closing price
Generac said Friday that CCMP will receive all of the offering's proceeds. The company, which makes generators, isn't selling any shares in the offering.
CCMP currently has an approximately 21.3 percent stake in Generac, according to FactSet. This makes it Generac's biggest stockholder.
CCMP had announced in 2006 that it was buying Generac for an undisclosed amount. Generac went public in February 2010.
The underwriters will have an option to buy up to an additional 975,000 shares.
Shares of Waukesha, Wis.-based Generac Holdings Inc. declined 85 cents, or 2.4 percent, to $34.78 in afternoon trading. The stock has traded in a 52-week range of $18.35 to $41.48.
