Navistar issues public stock offering to raise cash

By Charlie Morasch, Land Line contributing writer | Thursday, October 25, 2012

The maker of International trucks has announced the pricing for a public offering of more than 10 million shares of stock.
 
Navistar International Corp. announced Wednesday, Oct. 24, it was offering 10,666,666 shares of common stock at $18.75 per share. The offering is expected to close Oct. 30. In addition to the 10.6 million shares offered Wednesday, Navistar said it may allow underwriters to purchase 1.5 million more shares during the next 30 days.
 
“The company intends to use all net proceeds from the offering for general corporate purposes,” a Navistar news release said.
 
The 175-year-old company is fighting to regain its place in industry after a difficult few years. CEO Daniel Ustian was ousted in August, shortly after the company announced it would join every other truck maker and add selective catalytic reduction, or SCR, to its exhaust after- treatment emissions system.
 
Major shareholders, including Carl Icahn, have pushed for more authority on the company’s board of directors.
 
The company announced last week that the third new member of its board of directors will be John Pope.

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