Posted on Thu, Nov. 19, 2009
Central European Distribution Corp. said it will sell its 10,250,000 newly issued shared of common stock for $31 each.
The Bala Cynwyd company, Poland's largest vodka producer and major distributor of alcoholic beverages in Poland, has granted underwriters an over-allotment option for 1,025,000 additional shares.
The transaction is expected to close on or about Tuesday.
The company has said it plans to use the proceeds to buy remaining equity interests in Russian Alcohol Group and to repay earlier debt.
CEDC also had a public stock offering in July: 6.85 million shares offered by CEDC and 1.5 million shares offered by a selling stockholder.
The company recorded a $16.59 million loss last year, following 2007 earnings of $77.10 million. Shares, which closed yesterday at $31.78, have traded in a range of $5.97 to $36.41 in the last 52 weeks. - Roslyn Rudolph
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