FORT
WORTH, Texas, April 30,
2024 /PRNewswire/ -- AZZ Inc. (NYSE: AZZ), the
leading independent provider of hot-dip galvanizing and coil
coating solutions, today announced the closing of its underwritten
public offering of 4,600,000 shares of common stock, including the
full exercise of the underwriters' option to purchase up to 600,000
additional shares of common stock, at a public offering price per
share of $70.00, for gross proceeds
of $322,000,000, before deducting the
underwriting discount and commissions and other offering expenses
payable by AZZ.
Evercore ISI and Jefferies acted as joint lead book-running
managers. Baird, Wells Fargo
Securities and Wolfe | Nomura
Alliance acted as additional book-running managers. B. Riley
Securities, Roth Capital Partners and Sidoti & Company, LLC
acted as co-managers for the offering.
AZZ intends to use the net proceeds for the redemption of all or
a portion of the Company's 6.0% Series A Convertible Preferred
Stock.
This offering was made pursuant to a shelf registration
statement on Form S-3 (File No. 333-276450) filed with the
Securities and Exchange Commission (SEC) and declared effective on
January 10, 2024. The offering of the
shares of common stock has been made by means of a prospectus,
including a prospectus supplement, forming a part of the
registration statement. A final prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
offering has been filed with the SEC and is available on the SEC's
website at http://www.sec.gov or may be obtained from Evercore
Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd
Street, 35th Floor, New York, New
York 10055, by telephone at 888-474-0200, or by email at
ecm.prospectus@evercore.com; or Jefferies LLC, Attn: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at
(877) 821-7388 or by email at
Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip
galvanizing and coil coating solutions to a broad range of
end-markets. Collectively, our business segments provide
sustainable, unmatched metal coating solutions that enhance the
longevity and appearance of buildings, products and infrastructure
that are essential to everyday life.
Safe Harbor Statement
Certain statements herein about our expectations of future
events or results constitute forward-looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as "may," "could," "should,"
"expects," "plans," "will," "might," "would," "projects,"
"currently," "intends," "outlook," "forecasts," "targets,"
"anticipates," "believes," "estimates," "predicts," "potential,"
"continue," or the negative of these terms or other comparable
terminology. Such forward-looking statements are based on currently
available competitive, financial, and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. Forward-looking
statements speak only as of the date they are made and are subject
to risks that could cause them to differ materially from actual
results. Certain factors could affect the outcome of the matters
described herein. This press release may contain forward-looking
statements that involve risks and uncertainties including, but not
limited to, changes in customer demand for our products and
services, including demand by the construction markets, the
industrial markets, and the metal coatings markets. We could also
experience additional increases in labor costs, components and raw
materials including zinc and natural gas, which are used in our
hot-dip galvanizing process; supply-chain vendor delays; customer
requested delays of our products or services; delays in additional
acquisition opportunities; an increase in our debt leverage and/or
interest rates on our debt, of which a significant portion is tied
to variable interest rates; availability of experienced management
and employees to implement AZZ's growth strategy; a downturn in
market conditions in any industry relating to the products we
inventory or sell or the services that we provide; economic
volatility, including a prolonged economic downturn or
macroeconomic conditions such as inflation or changes in the
political stability in the United
States and other foreign markets in which we operate; acts
of war or terrorism inside the United
States or abroad; and other changes in economic and
financial conditions. AZZ has provided additional information
regarding risks associated with the business, including in Part I,
Item 1A. Risk Factors, in AZZ's Annual Report on Form 10-K for the
fiscal year ended February 29, 2024,
and other filings with the SEC, available for viewing on AZZ's
website at www.azz.com and on the SEC's website at www.sec.gov. You
are urged to consider these factors carefully when evaluating the
forward-looking statements herein and are cautioned not to place
undue reliance on such forward-looking statements, which are
qualified in their entirety by this cautionary statement. These
statements are based on information as of the date hereof and AZZ
assumes no obligation to update any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Company Contact:
David Nark, Senior Vice President of
Marketing and Communications
AZZ Inc.
(817) 810-0095
Investor Contact:
Sandy
Martin or Phillip Kupper
Three Part Advisors
(214) 616-2207 or (817) 368-2556
View original content to download
multimedia:https://www.prnewswire.com/news-releases/azz-inc-announces-closing-of-its-public-offering-of-common-stock-and-full-exercise-of-underwriters-option-302132211.html
SOURCE AZZ, Inc.