Mayville Engineering Company (NYSE:MEC) has priced an underwritten public offering of 4,348,000 common shares at $20 each, raising approximately $86.9 million. The offering price represents a discount to the recent trading price of $23.55, with shares up 48.5% over the past year.
Proceeds will be used to reduce debt under its senior secured revolving credit facility, fund capital expenditures, and support working capital. The company has total debt of $244.4 million but a healthy current ratio of 1.64.
William Blair and Craig-Hallum are lead book-running managers. The offering is expected to close Thursday. Founded in 1945, Mayville Engineering operates 27 facilities across 9 states.
