HAUPPAUGE, N.Y.-Audiovox Corp. completed its follow-on offering of 3.1 million class A common shares at a price of $45 per share. Of the 3.1 million shares sold, the company noted that 2 million were offered by Audiovox and 1.1 million were offered by selling shareholders.
The company received approximately $84.6 million after deducting expenses from the offering. Audiovox plans to use net proceeds to repay a portion of amounts outstanding under its revolving credit facility, any portion of which can be re-borrowed at any time, and for general corporate purposes.
The underwriters-SG Cowen, Morgan Keegan & Co. Inc., Prudential Securities and Landenburg Thalmann & Co. Inc.-have an option to purchase up to 465,000 additional shares from the company and the selling shareholders to cover overallotments.
