Sanderson Farms closes stock offering
April 8, 2010
by Meat&Poultry staff
LAUREL, MISS. – Sanderson Farms Inc. has closed its underwritten registered public offering of 2,300,000 shares of its common stock, including 300,000 shares issued in connection with the underwriters exercise of their over-allotment option following the pricing of the offering. The offering price to the public was $53.00 per share.
Net proceeds from the offering, together with other funds, are to be used to finance the construction of the company’s new retail poultry complex in Kinston, N.C., and a potential new big bird poultry complex to be located near Goldsboro, N.C.. Pending such uses, net proceeds from the offering may be used to reduce indebtedness and to invest in cash and cash equivalents. The company may use some of the invested proceeds as working capital and for general corporate purposes.