Metalico (MEA) Sold 6M Shares Raising $25M
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Metalico, Inc. (NYSE: MEA) announced a sale of 6 million shares of its common stock for gross proceeds of approximately $25 million.
The offering was made pursuant to an underwriting agreement with Canaccord Adams Inc., acting as the sole book-running manager, as a fully bought transaction at a price of $4.18 per share.
Metalico expects to use approximately $17.3 million of the net proceeds to repay a portion of its outstanding institutional term debt, and the remainder for working capital and other general corporate purposes.
The offering was made pursuant to an underwriting agreement with Canaccord Adams Inc., acting as the sole book-running manager, as a fully bought transaction at a price of $4.18 per share.
Metalico expects to use approximately $17.3 million of the net proceeds to repay a portion of its outstanding institutional term debt, and the remainder for working capital and other general corporate purposes.
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