Ceradyne to Issue One Million New Shares
Ceradyne Inc., a Santa Ana manufacturer of high-performance ceramic products for the electronics industry, will issue an additional 1 million shares of its common stock at $11.87 per share. Proceeds from the offering, which is being underwritten by Merrill Lynch Capital Markets, will be used to repay bank loans, to purchase machinery and equipment and other general corporate purposes.
Of the total 1 million shares being sold, 755,152 shares are being offered by the company, and 244,848 shares are being sold by certain shareholders. After the offering, the company will have 4,220,272 common shares outstanding.