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Otter Tail Corporation
Otter Tail Corporation Announces the Closing of Its Common Stock Offering
FERGUS FALLS, Minn., Sept. 24, 2008 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) announced the closing of its offering of 4,500,000 newly issued shares of its common stock at a price per share of $30.00. The offering carried a gross spread of $1.0875 per share. The corporation also announced the issuance of an additional 675,000 shares of its common stock at the same price per share pursuant to the exercise in full by the underwriters of the offering of their overallotment option on September 22, 2008. The offering (including the sale of shares issued pursuant to the underwriters' exercise of their overallotment option) will yield net proceeds, after total estimated offering expenses to the corporation, of $149,222,188 on closing today.