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Universal Stainless prices US$30M underwritten offering

Universal Stainless & Alloy Products Inc. on May 25 priced an underwritten offering of 1,224,490 shares at US$24.50 apiece to raise about US$30.0 million.

The company granted the underwriters a 30-day option to buy up to 183,673 additional shares at the same issue price. Cowen and Co. LLC is acting as the sole book-running manager for the offering.

Universal Stainless plans to use the proceeds to repay amounts outstanding under its senior secured revolving credit facility.

The financing is expected to close May 30.