RBC Bearings Prices Equity, Debt Offerings To Fund Dodge Deal

  • RBC Bearings Inc ROLL prices its concurrent public offerings of 3 million shares of common stock at $185 per share and 4 million shares of Series A Mandatory Convertible Preferred Stock at $100 per share. 
  • The offerings are scheduled to close on September 24, 2021.
  • The company granted the underwriters a 30-day option to purchase up to 450,000 shares of common stock and 600,000 shares of mandatory convertible preferred stock to cover over-allotments.
  • RBC Bearings estimates that the net proceeds from the common stock offering to be ~$526.4 million and from mandatory convertible preferred stock to be ~$387.2 million.
  • Additionally, the company's subsidiary, Roller Bearing Company of America, plans to offer $500 million of senior notes due 2029 in a private offering.
  • RBC Bearings is conducting the proposed offerings in connection with its financing of its previously announced pending acquisition of the Dodge Mechanical Power Transmission Business of ABB Asea Brown Boveri Ltd.
  • Price Action: ROLL shares are trading higher by 7.50% at $203.5 on the last check Wednesday.
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