Hubbell prices public offering of common stock

Posted on: Thu, 29 Oct 2009 14:34:00 EDT

Symbols: HUB.A

Oct 29, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
HUB.A | Quote | Chart | News | PowerRating -- 111.8Update on October 28, 2009:

Hubbell Incorporated, a US-based manufacturer of electrical and electronic products, has priced its public offering of 2.6 million shares of its Class B common stock at a price of $43 per share to raise gross proceeds of $111.8 million.

In connection with the offering, Hubbell granted the underwriters an over-allotment option for a period of 30 days to purchase up to an additional 0.39 million shares of Class B common stock. The offering is expected to close on or about November 3, 2009.

Announcement (October 26, 2009):

Hubbell is planning to offer 2.6 million shares of its Class B common stock in a public offering.

Hubbell expects to grant the underwriters an over-allotment option for a period of 30 days to purchase up to an additional 0.39 million shares of Class B common stock.

Morgan Stanley & Co., Incorporated and J.P. Morgan Securities, Inc. are acting as joint book-running managers for the offering. BNY Mellon Capital Markets, LLC, HSBC Securities (USA), Inc., Jesup & Lamont Securities Corporation and Wells Fargo Securities, LLC are acting as underwriters.

Deal Value (US$ Million) 111.8
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-10-26

Deal Participants

Target (Company) Hubbell Incorporated

Deal Rationale

Hubbell intends to use the net proceeds of the offering for general corporate purposes, including the repayment of approximately $66 million in short-term commercial paper borrowings which were used to fund the acquisition of FCI Americas, Inc.

Offer Price ($ per share) 43
No. Shares Issued         2600000

For full details on Hubbell Inc Class A (HUB.A) HUB.A. Hubbell Inc Class A (HUB.A) has Short Term PowerRatings at TradingMarkets. Details on Hubbell Inc Class A (HUB.A) Short Term PowerRatings is available at This Link.

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