Brady Corp. raises $137 million in public offering
By WTN News • 06/28/06 Milwaukee, Wis. - Brady Corp. has raised approximately $137 million in net proceeds during a public offering of common stock.
Brady, a global manufacturer of identification solutions, including signs and labels, issued 4 million shares of Class A common stock at $36 per share. The company intends to use the net proceeds from the offering to repay amounts under its revolving credit facility and for general corporate purposes, including potential future acquisitions.
The offering was marketed through a group of underwriters, including Robert W. Baird & Co., co-lead managers Credit Suisse and Wachovia Securities, and co-manager BMO Capital Markets. The underwriters have an option to purchase up to an additional 600,000 shares to cover any over-allotments.
Brady Corp. reported $82 million in net income in 2005. The corporation's identification products are used in cellular phones, pagers, and personal data assistants, among other devices.
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