AZZ drops on planned stock offering

AZZ

25/04/2024 15:24

** Shares of metal coatings services co AZZ  AZZ.N  down 8.3
at $75.57 on Thurs as it seeks equity raise
    ** Fort-Worth, Texas-based firm late Weds announced 4 mln
share offering
    ** Co to use net proceeds to redeem all of its 6% Series A
convertible preferred stock
    ** Evercore and Jefferies leading offering slated to price
Thurs after the bell
    ** Co currently has ~25.1 mln shares outstanding
    ** AZZ shares on Tues closed up 8.4% at $82.93 after co
posted Q4 beat, saying it would use cash flow from operations to
further deleverage its balance sheet
    ** With move on the session, shares up ~30% YTD and have
doubled over the past 12 months. Stock hit intra-day record high
of $84.52 on Weds

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))