Beijing time Tuesday Evening News, movement control and generation equipment manufacturer Regal Beloit Corp. said it had been determined to issue 3.75 million common shares at $36.25 a share, which was about 8% lower than its share price of 39.47 dollars in Monday. After deducting fees, the company is expected to receive about 131 million dollars in net income from the release. The company plans to use the proceeds to repay its debts and to fund its operations. The company also granted the underwriters the option to subscribe for up to 562,500 shares in order to meet the excess placement requirements. The release is expected to be completed by May 22. As of May 1, Regal had about 31.5 million shares in circulation. Robert W. Baird & Co will be the underwriter of this issue.
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