|
.......... |
|
.......... |
FreightCar America, Inc. Initial Public Offering Priced at $19.00 Per Share Chicago, IL, April 6, 2005 -- FreightCar
America, Inc., formerly operating as Johnstown America, announced today
that its initial public offering of 8,500,000 shares of common stock was
priced at $19.00 per share. The shares are expected to commence trading
today on The NASDAQ National Market under the symbol "RAIL."
5,100,000 shares are being sold by the Company and 3,400,000 shares are
being sold, in the aggregate, by all of the existing stockholders of the
Company. The existing stockholders have granted the underwriters a 30-day
option to purchase up to an additional 1,275,000 shares to cover over-allotments,
if any. The net proceeds to the Company from the
offering are expected to be approximately $86 million and, along with
the Company's available cash and borrowings under a new revolving credit
facility that will be entered into at the closing of the offering, will
be used to repay all of the Company's outstanding debt, redeem all of
the Company's preferred stock, pay all outstanding amounts due under certain
additional acquisition consideration related to the Company's acquisition
in 1999, pay all amounts due in connection with the termination of certain
management services and other agreements with certain of the Company's
stockholders and pay related fees and expenses. The offering was lead-managed by UBS Investment
Bank and co-managed by Jefferies & Company, Inc. and CIBC World Markets
Corp. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The public offering is being made only by means of a prospectus. The offer is made only by the final prospectus relating to these securities, a copy of which may be obtained by writing to: UBS Investment Bank, Syndicate Desk, 299 Park Avenue, New York, NY 10171.
FreightCar America is a manufacturer of railroad freight cars, with particular expertise in coal-carrying railcars. In addition to coal cars, FreightCar America designs and builds flat cars, mill gondola cars, intermodal cars, coil steel cars and motor vehicle carriers. It is headquartered in Chicago, Illinois and currently has manufacturing facilities in Danville, Illinois, Roanoke, Virginia and Johnstown, Pennsylvania. # # #
|