FORT WORTH, Texas - AZZ Inc . (NYSE: NYSE:AZZ), a prominent provider of metal coating solutions, announced today its plan to offer 4.0 million shares of common stock in an underwritten public offering. The company also intends to provide underwriters a 30-day option to purchase up to an additional 15% of the shares sold in the offering.
The completion of the offering hinges on market conditions, and there is no certainty regarding the final size or terms of the offering. AZZ aims to use the net proceeds from the sale for the redemption of its 6.0% Series A Convertible Preferred Stock.
Evercore ISI and Jefferies are serving as the joint lead book-running managers for the offering, with Baird, Wells Fargo Securities, and Wolfe | Nomura Alliance as additional book-runners. Roth Capital Partners will act as the co-manager.
The offering is being conducted in accordance with a shelf registration statement on Form S-3, which the Securities and Exchange Commission (SEC) declared effective on January 10, 2024. The shares will be offered via a prospectus, including a prospectus supplement, part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus will be filed with the SEC and made available on its website.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities, and there will be no 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 any such state or jurisdiction.
AZZ Inc. is recognized as an independent leader in hot-dip galvanizing and coil coating solutions, serving various end-markets. Its services are aimed at enhancing the durability and aesthetics of essential infrastructure and products.
The information in this article is based on a press release statement from AZZ Inc. and does not include any speculative or promotional content.
InvestingPro Insights
As AZZ Inc. (NYSE: AZZ) prepares for its public offering, potential investors may consider the recent performance and financial health of the company. According to InvestingPro data, AZZ has a market capitalization of $2.07 billion, reflecting a significant presence in the metal coating industry. The company has demonstrated robust revenue growth over the last twelve months as of Q4 2024, with an increase of 16.16%, indicating a strong market demand for its services.
InvestingPro Tips suggest that analysts have recently revised their earnings expectations upwards for AZZ, signaling confidence in the company's financial prospects. Additionally, the company has shown a significant return over the past week, with a 9.68% increase in the price total return, which may attract investors looking for short-term gains. With a consistent track record of dividend payments for 15 consecutive years, AZZ presents itself as a potentially reliable income stock for dividend-seeking investors.
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