CLAYMONT, Del., Jan. 2, 2007 (PRIME NEWSWIRE) -- Claymont Steel Holdings, Inc. (Nasdaq:PLTE) announced that the underwriters of its recent initial public offering of common stock have exercised in full their over-allotment option to purchase an additional 1,305,000 shares of Claymont Steel's common stock from H.I.G. Capital LLC, Inc., the selling stockholder. The over-allotment option was granted to the underwriters in connection with the initial public offering of 8,700,000 shares of Claymont Steel's common stock.
Of the total shares sold in the offering, after giving effect to the exercise of the over-allotment option, 3,755,000 shares were sold by the selling stockholder and 6,250,000 were sold by Claymont Steel. Claymont Steel did not receive any of the proceeds from the sale of common stock by the selling stockholder.
Jefferies & Company, Inc. is the lead manager for the offering and Morgan Joseph & Co. Inc., CIBC World Markets Corp. and KeyBanc Capital Markets, a division of McDonald Investments Inc., are co-managers. Copies of the final prospectus relating to the offering may be obtained from Jefferies & Company, Inc., 520 Madison Avenue, New York, New York 10022, from the offices of any of the underwriters identified above, or from the SEC's web site at http://www.sec.gov.
The offering is being made pursuant to an effective registration statement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Claymont Steel Holdings, Inc.
Claymont Steel manufactures and sells custom discrete steel plate in North America. Claymont Steel's headquarters and manufacturing facilities are located in Claymont, Delaware. More information is available at http://www.claymontsteel.com.
Forward-Looking Statements
This press release may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements of future goals and similar statements other than historical facts constitute forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, which are described in Claymont Steel's filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. Claymont Steel undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.