PORTLAND, OR -- (MARKET WIRE) -- November 7, 2006 -- Northwest Pipe Company (
Jefferies & Company, Inc. acted as the sole book-running manager for the offering, and D.A. Davidson & Co. acted as co-manager for the offering.
Proceeds from the offering are expected to be approximately $46 million, after deducting the underwriting discounts, commissions and the estimated offering expenses. The Company intends to use the net proceeds of the offering to purchase approximately $34 million of manufacturing equipment that it leases under certain operating leases and the remaining $12 million will be used to repay a portion of the borrowings outstanding under its credit facility.
The Company has also granted the underwriters an option to purchase an additional 255,000 shares of common stock to cover over-allotment. If the over-allotment option is fully exercised, the Company will receive additional proceeds of approximately $7 million, which will be used to repay a portion of the borrowings outstanding under its credit facility.
Copies of the final prospectus relating to the offering may be obtained from Jefferies & Company, Inc. at 520 Madison Avenue, 12th Floor, New York, New York 10022.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of Northwest Pipe Company's common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Northwest Pipe Company manufactures welded steel pipe and other products in three business segments. Its Water Transmission Group is a leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of construction, agricultural, energy, industrial and mechanical applications. Its Fabricated Products Group manufactures propane tanks and other fabricated products. The Company is headquartered in Portland, Oregon and has eight manufacturing facilities across the United States and Mexico.
Contact Information: For more information, contact: Brian Dunham 503-946-1200