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By: Dividend Daily
June 19, 2013 at 09:10 AM EDT
Weyerhaeuser Announces Pricing for Common Stock Offering (WY)
Early on Wednesday, forestry products manufacturer Weyerhaeuser Company (WY) announced the pricing of its public offering of 29 million additional shares of common stock at $27.75 per share.
The company is expected to raise approximately $805 million of gross proceeds from the offering. The net proceeds will be used to help finance the previously announced acquisition of Longview Timber.
The offering is expected to close on Monday, June 24, 2013.
In addition to the common stock offering, Weyerhaeuser announced the pricing of the public offering of 12 million shares of 6.375% preferred stock at $50 per share.
Weyerhaeuser shares were down 16 cents, or -0.57%, during pre-market trading on Wednesday. The stock is up +1.51% year-to-date.
The Bottom Line
Weyerhaeuser Company (WY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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